SummaryThe robust growth in the profit was driven by a drop in provisioning for bad loans.Canara Bank reported a 27% year-on-year rise in its net profit to ₹3,656 crore in the December quarter. The robust growth in the profit was driven by a drop in provisioning for bad loans. The provisioning for bad loans declined by 22.6% to ₹1,350 crore.
The net interest income – the difference between interest earned and paid – increased 9% to ₹9,417 crore. The net interest margin also improved by 9 basis points to 3.02%. The loan book also expanded around 12% to ₹9 lakh crore.
The asset quality also improved in the December quarter. The gross non-performing assets (NPA) or bad loans…
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