New Delhi: State-owned Canara Bank on Thursday reported over two-fold jump in its net profit on a standalone basis to Rs 1,502 crore the December 2021 quarter on the back of lower provisioning.

The bank had posted a net profit of Rs 696 crore in the year-ago quarter.

Sequentially, the net profit was higher by 13 percent from Rs 1,333 crore in the quarter ended September 2021. Total income, however, fell marginally to Rs 21,312 crore during the October-December period of 2021-22, against Rs 21,365 crore in the same quarter of 2020-21, Canara Bank said in a regulatory filing.

The bank's gross non-per- 8.06%. forming assets (NPAs) or bad loans rose to 7.80 percent of the gross advances as of December 31, 2021, from 7.46 percent at the end of December 2020.

Net NPAs too were higher at 2.86 percent compared to 2.64 percent. However, the NPAs fell sequentially from 8.42 percent gross NPAs at the end of Sep tember 2021 and 3.21 percent on a net basis. The provisions for bad loans
and contingencies were trimmed by the leader to Ra 2,245 crore in Q3 FY22 against Rs4,210 crore in the year-ago quarter.

On a consolidated basis, the bank registered over a two-fold rise in its net profit in Q3 FY22 at Rs 1,631 crore compared to Rs 739 crore.

Canara Bank shares traded at Rs 233,70 apiece on BSE. up by 5.60 percent from the previous close.

The following, according to a datasheet, are the key high lights (9 months period ended)/(Dec 2020 V/s Dec 2021):

Net Profit grew by 159.51%.

Operating profit grew by 16.72%.

Non-Interest income grew by 17.749.

Global Business grew by 8.06%.
Gross Advances grew by 9.28%. Domestic Business grew by7.46%.

CASA Deposits increased by 10.28 %.

Savings Bank Deposits grew by 9.319.

Current Bank Deposits grew by 16.37%, Retail Credit grew by 10.029, Housing loan at 14825. Fee-based income grew by 21.54%

CRAR stood at 14.507 sat Dec 2021 improved by 111 p. CET1 stood as 10.12% t Dec 2021 improved by 135 bps.