Canara Bank on Monday posted a 72% increase in its net profit at ₹2,022 crore in the first quarter of the fiscal ended in June, as against ₹1,177 crore in the corresponding period a year ago.
The bank said a healthy credit growth and interest income helped the bank to grow its net profit substantially in the quarter.
During the period, the bank’s net interest income (NII) grew by 10.15% to ₹6,785 crore as against ₹6,160 crore in the same period last year.
L.V. Prabhakar, MD and CEO of the bank during a media conference said, “In addition to the higher growth in net interest income, bank’s non-interest income also grew by 25%. All provisions were under control and credit growth was healthy as well in Q1.’‘