State-owned Canara Bank on Monday reported a 74 per cent jump in March quarter consolidated net profit to 3,336.51 crore, helped by higher core income and lower provisions.
The Bengaluru-based lender had reported a net profit of 1,918.80 crore in the year-ago period.
For FY23, its post tax profit grew to 11,254.75 crore from 6,124.83 crore in FY22.
In the latest March quarter, the lender's core net interest income grew 23 per cent to 8,617 crore. This was due to a 17 per cent growth in advances and a 0.14 per cent expansion in the net interest margin to 3.07 per cent.
Its other income grew 7 per cent to 4,776 crore but was also hit by a 72 per cent decline in the treasury income.
Canara Bank's managing director and chief executive K Satyanarayana Raju said the bank will aim to grow its overall loan book in double-digit in FY24, and denied it being a moderation, saying the lender believes in over-delivering.
Raju said the bank registered a corporate loan book expansion of over 20 per cent in FY23, and has a sizeable pipeline of loans in various sectolike infrastructure where it is witnessing a healthy demand.
According to him, loans worth 22,000 crore have been sanctioned for various projects that are yet to start.