New Delhi, Jan 27 (NationPress) Canara Bank announced on Monday a 12 per cent surge in its net profit, reaching Rs 4,104 crore for the October-December quarter of the ongoing financial year, compared to Rs 3,656.12 crore during the same period of 2023-24.

Despite this growth, the bank's interest income increased to Rs 30,311.61 crore from Rs 28,038.83 crore a year prior, while its Net Interest Income (NII)—which gauges the difference between interest earned and interest paid—dipped by 2.85 per cent to Rs 9,148.57 crore from Rs 9,417 crore in Q3 FY24, as per a regulatory filing.

The pre-provision operating profit for the reporting period saw a 15 per cent boost to Rs 7,837 crore in the third quarter, up from Rs 6,805 crore in the same timeframe last year.

Canara Bank's provisions for the third quarter escalated by 26 per cent to Rs 2,398 crore in comparison to the same quarter of the previous year.

During the October-December 2024 timeframe, fee-based income stood at Rs 2,185 crore, marking a 23 per cent year-on-year rise.

The bank also reported an enhancement in its asset quality, with the gross non-performing assets (GNPA) ratio decreasing to 3.34 per cent of total advances as of December 2024, down from 3.73 per cent in September 2024 and 4.39 per cent as of December 2023.

Additionally, the Net NPA ratio fell to 0.89 per cent in the October-December quarter, down from 0.99 per cent in the July-September 2024 quarter and 1.32 per cent in the third quarter of the previous financial year.

The provision coverage ratio (PCR) for the reporting quarter was 91.26 per cent at the end of December, compared to 90.89 per cent in September 2024 and 89.01 per cent in December 2023.

Furthermore, Canara Bank reported a 9 per cent increase in its global business, reaching Rs 24.19 lakh crore in the third quarter compared to the same period last year, with global deposits rising by 8 per cent during the quarter.