Canara Bank’s first quarter net profit rose 10.47% to ₹3,905 crore compared with ₹3,535 crore in the year-earlier period.

Net interest income (NII) rose 6% year on year to ₹9,166 crore, up from ₹8,666 crore last year. However, the quarter saw its net interest margins decline by 2.9% from 3.05% both annually and sequentially.

Asset quality improved in the June ended quarter, the bank claimed. Gross NPAs decreased to 4.14%, compared with 5.15% in the corresponding year-earlier period, and 4.23% in the March ended quarter. Q1 also witnessed net NPAs decline to 1.24% from 1.57% a year earlier and 1.27% sequentially.

During the quarter under review, the lender’s global deposit grew 11.97% YoY to ₹13,35,167 crore. Domestic advances (gross) of the bank stood at ₹ 92,0334 corre, a 9.17% growth year on year. Gross advances stood at ₹ 9,75,183 crore and grew 9.86%. Global deposits stood at ₹ 13,35,167 cr., a 11.97% growth. Global business stood at ₹ 23,10,350 crore, marking a growth of 11.07%.

Canara Bank also reported an increase of 10% in its non-interest income for the first quarter to ₹5,319 crore, compared with ₹4,819 crore in the same period a year earlier.

The bank said it achieved targets in the priority sector at 44.95% and Agricultural Credit at 22.02% of ANBC (Adjusted Net Bank Credit) as at June 2024, as against the norm of 40% and 18% respectively.