After the public sector bank reported a net profit of Rs 2,882 crore in Q3 FY23, which is higher by 91.88% compared with Q3FY22, Canara Bank advanced 1.82% to Rs 324.70. The bank’s net profit in the October-December quarter of FY22 was Rs 1,502 crore.

Total income was high by 23.01% YoY during the quarter to Rs 26,217 crore. Net interest income increased by 23.81% to Rs 8,600 crore in the October-December quarter of FY23 from Rs 6,946 crore in the October-December quarter of FY22. Net interest margin in the October-December quarter of FY23 was 3.05% against 2.83% in the October-December quarter of FY22. The bank’s operating profit in the third quarter was Rs 6,952 crore, up 19.80% YoY.

Provisions amounted to Rs 4,070 crore in the October-December quarter of FY23, higher by 38.15% as compared with Rs 2,946 crore in the October-December quarter of FY22. Of this, provisions for NPAs were Rs 1,920 crore, down 29.02% YoY.

On the asset quality front, Gross NPAs amounted to Rs 50,143 crore October-December quarter of FY23 as against Rs 56,893 crore October-December quarter of FY22 and Rs 52,485 crore July-September of FY23.

As of December 31, 2022, the bank has 9,720 bank branches, of which 3,049 are rural, 2,744 are semi-urban, 1,998 are urban & 1,929 are metro, and 10,745 are ATMs. Also, this bank has three overseas branches in London, New York and Dubai.