Canara Bank's net profit rises 89.5% to ₹2,525 cr in Sept quarter

HomeEconomicsCanara Bank's net profit rises 89.5% to ₹2,525 cr in Sept quarter

Canara Bank’s net profit rises 89.5% to ₹2,525 cr in Sept quarter

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October 20, 2022

Canara Bank on Thursday reported a net profit of Rs 2,525 crore for the July-September period, beating Street estimates by a wide margin, boosted by strong loan growth and improvement in asset quality. The state-run lender’s quarterly net profit jumped 89.5 percent compared with the corresponding period a year ago,
Its net interest income — or the difference between interest earned and interest paid — increased 18.5 percent to Rs 7,434 crore, according to a regulatory filing.
Analysts in a CNBC-TV18 poll had predicted the lender’s quarterly net profit at Rs 1,948.6 crore and net interest income at 7,333.6 crore.