Canara Bank net profit up over 90% to Rs 3,175 cr in Jan-Mar quarter

New Delhi: State-owned Canara Bank on Monday reported a nearly doubling of net profit on standalone basis to Rs 3,174.74 crore for the quarter ended March 2023 on the back of higher interest income.

The bank's profit in the January-March quarter of 2021-22 was Rs 1,666.22 crore.

In a filing to stock exchanges, Canara Bank said there was a 90.63 per cent growth in the standalone profit after tax for the year ended March 31, 2023, at Rs 3,174.74 crore compared to Rs 1,666.22 crore in 2021-22.

The net interest income (NII) for the quarter ended March 31, 2023 grew by 23.01 per cent.

On a consolidated basis, the net profit rose to Rs 3,232.84 crore for the quarter ended March, up from Rs 1,969.04 crore in the corresponding period of previous fiscal.

The lender also said for the year ended in March 2023, the standalone profit rose to Rs 10,603.76 crore, from Rs 5,678.42 crore.

On a consolidated basis, profit for the year ended in March 2023, rose from Rs 5,795.10 crore to Rs 10,807.80 crore in 2022-23.