Bengaluru-based Canara Bank reported net revenue for the June-ended quarter rose nearly 75% to ₹3,534.8 crore year-on-year.
The lender’s net curiosity revenue grew 27.7% to ₹8,665.7 crore. The financial institution on Monday stated its asset high quality improved throughout the quarter, with gross non-performing belongings (NPAs) ratio at 5.15% in opposition to 5.35% within the earlier quarter and 6.98% within the year-earlier interval.
“The enchancment in asset high quality is useful to a financial institution as fewer dangerous belongings are inclined to carry down the excellent risk-weighted belongings,’‘ said MD & CEO, K. Satyanarayana Raju.
Canara Bank’s net NPA ratio stood at 1.57%, in opposition to 1.73% within the sequential quarter and a pair of.48% within the year-earlier interval. Gross NPAs stood at ₹45,727 crore as on June 30, in opposition to ₹54,734 crore a 12 months earlier whereas net NPAs slid to ₹13,461 crore from ₹18,505 crore.
The financial institution earned a complete curiosity revenue of ₹25,004 crore in Q1, up from ₹ 18,177 crore a 12 months earlier.
