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Canara Bank logs 27% rise in Q3 net
Business Standard
|January 25, 2024
Net interest income grew 9.5% to ₹9,417 crore while other income increased 7.75% to ₹4,295 crore
Public sector lender Canara Bank reported a 26.86 per cent year-on-year (Y-o-Y) growth in net profit to ₹3,656 crore for the October-December period, driven by loan growth.
Net interest income - the difference between interest earned and interest expended - grew by 9.5 per cent to ₹9,417 crore, while other income grew by 7.75 per cent to ₹4,295 crore.
Profit from the sale of investments fell to 310 crore from ₹386 in the year-ago period due to the hardening of bond yields in the October-December quarter. The bank made a cash recovery of ₹2762 crore including recovery from written off accounts during the quarter which aided bottomline.
Net interest margins (NIMs) for the third quarter were 3.03 per cent compared to 3 per cent in the previous quarter and 3.05 per cent in the year-ago period.
Dit verhaal komt uit de January 25, 2024-editie van Business Standard.
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