Canara Bank Q1 results: Profit surges 75% to Rs 3,535 crore; NIM at 3.05%

Canara Bank on Monday reported a 74.83 per cent year-on-year (YoY) rise in net profit at Rs 3,535 crore for the June quarter compared with Rs 2,022 crore in the same quarter last year. Net interest income (NII), the difference between the income a bank earns from its lending activities and the interest it pays to depositors, for the quarter grew 27.72 per cent to Rs 8,666 crore from Rs 6,785 crore in the year-ago quarter.

Net interest margin (NIM) for the quarter came in at 3.05 per cent, up 27 basis points YoY. Gross non-performing asset ratio for the quarter stood at 5.15 per cent, down 183 basis points YoY.

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