Mumbai: State-run Canara Bank on Monday said net profit doubled to ₹3,175 crore in the quarter ended March 2023 from ₹1,666 crore a year ago on the back of strong loan growth even as asset quality improved.Total advances grew 16% led by a 21% growth in corporate advances, which was aided by demand for working capital loans from oil companies, CEO K Satyanarayana Raju said.Gold loan portfolio grew 34% year-on-year while housing loans increased 14%. As a result, the bank's net interest income after taking into account interest expenses increased 23%. "We are seeing demand from sectors like cement, steel, construction, data centres and chemicals. Higher recoveries also helped improvement in asset quality. Canara Bank reported recoveries and upgrades of ₹4,349 crore in the quarter ended March 2023 from its recent average of about ₹3,100 crore.

Source: Economic Times May 09, 2023 12:52 UTC