Canara Bank reported an 11% year-on-year increase in its net profit for the second quarter of the fiscal year 2024, totaling ₹4,015 crore. Here’s a breakdown of the key factors contributing to this performance:
- Net Profit: The net profit reached ₹4,015 crore, marking an 11% growth compared to the same period last year, primarily due to better interest income and efficient cost management.
- Net Interest Income (NII): The bank reported a rise in NII, driven by improved loan growth and higher yields on advances.
- Asset Quality: Canara Bank saw improvements in asset quality, with a reduction in non-performing assets (NPAs), which positively impacted profitability.
- Other Income: The bank also reported a steady rise in non-interest income, including fees, commissions, and other financial services.