Canara Bank reported an 8.4% year-on-year rise in Q2 net profit to Rs 5,175 crore on October 14 as compared with Rs 4,774 crore in the year-ago period on the back of an on-year fall in provisions and higher total income.
Net interest income (NII) increased 20.4% to Rs 11,004 crore from Rs 9,141 crore a year earlier. Asset quality improved with gross non-performing assets (GNPA) declining to 1.33% from 1.57% in the previous quarter, while net NPA fell to 0.3% from 0.36% QoQ.
The on-year rise in the bank's net interest income was on the back of an over 19% on-year rise in the bank's global advances to Rs 13.75 lakh crore in the September quarter.
The bank's provisions fell over 24% year-on-year and 14% quarter-on-quarter to Rs 1,782 crore in the September quarter.
At 1:23 pm on October 14, Canara Bank shares were trading 3% higher at Rs 124 apiece.