Canara Bank Q2 profit jumps 89% to Rs 2,525 cr, asset quality improves

State-owned lender's gross global advances up 20% YoY to Rs 8.24 trn; retail lending portfolio grows 12.5%

Canara Bank reported on Thursday an 89 per cent jump in net profit to Rs 2,525 crore in July-September (Q2 FY23), aided by higher net interest income that came on the back of a healthy growth in advances.

In the year-ago period, the state-owned lender had reported a net profit of Rs 1,333 crore. The Bengaluru-based bank said it has shifted to a new tax regime resulting in a deferred tax reduction of Rs 2,451 crore.

The bank’s net interest income grew by 18.5 per cent year-on-year (YoY) to Rs 7,434 crore compared to Rs 6,273 crore. Non-interest income grew