Canara Bank posted a net profit of Rs 2,022 crore as jumps 75 per cent

Bengaluru-based Canara Bank on Monday reported a 75% jump in net profit at Rs 3,535 crore for the quarter ending June, helped by a fall in bad loans and growth in interest income.

The lender had posted a net profit of Rs 2,022 crore in the year-ago period. Total income in the first quarter of the current fiscal rose to Rs 29,828 crore from Rs 23,352 crore in the same period a year ago, Canara Bank said in a regulatory filing.

Interest earned by the bank rose to Rs 25,004 crore from Rs 18,177 crore in the year-ago period.

Net Interest Income (NII) increased 28 per cent to Rs 8,666 crore in the latest June quarter compared to the same period a year ago.

The net interest margin (NIM) also improved to 3.05% as compared to 2.78% in the year-ago period.

Canara Bank Managing Director K Satyanarayana Raju said he expects NIM to be above 3 per cent during the year