The net interest income for the June quarter was Rs 8,666 crore, a 28% rise from Rs 6,785 crore in the previous year.
The bank’s operating profit before provisions and contingencies increased by 15% YoY to Rs 7,604 crore in the reporting quarter, compared to Rs 6,606 crore in the corresponding quarter of the previous year.
Provisions for the first quarter decreased by 26% to Rs 2,719 crore, with provisions for non-performing assets reaching Rs 2,418 crore.
Gross NPAs improved to 5.15% in the June quarter compared to 5.35% in the March quarter and 6.98% in the same period last year.
Meanwhile, net NPAs decreased to 1.57% in the first quarter, compared to 2.48% a year ago.
Canara Bank’s capital adequacy ratio was 16.24% with tier-I capital at 11.50% for the April-June period. Gross advances for the first quarter increased by 13% to Rs 8.87 lakh crore, while the global business book increased by 9.3% to Rs 20.8 lakh crore.
Retail credit increased by 11% to Rs 1.42 lakh crore, while gold and housing loans increased by 29% and 14% respectively.
Total domestic deposits reached Rs 11.04 lakh crore, a nearly 5% increase from the previous year, while retail term deposits increased by 3% to Rs 4.66 lakh crore.
The provision coverage ratio (PCR) improved to 88.04% as of June 2023, compared to 84.51% in June 2022.
The bank achieved targets of 45.59% in the priority sector and 20.37% in agricultural credit as of June 2023, surpassing the norms of 40% and 18% respectively.
Canara Bank shares were trading nearly 3% higher at Rs 348 on NSE.