Canara Bank's net profit surges 75%

Bengaluru: Canara Bank's net profit rose 75% to Rs 3,535 crore in the quarter ended June, compared to Rs 2,022 crore in the same quarter last year. Gross advances grew by 13% to Rs 8.9 lakh crore. Net interest income stood at Rs 8,666 crore, up by 27.7%. The net interest margin was at 3.05%, up from 2.95% in the previous quarter and 2.78% in the year-ago period.The Bengaluru-based bank's asset quality improved. Gross NPA ratio stood at 5.15%, down by 183 bps. Net NPA ratio stood at 1.57%, down by 91 bps. tnn