Canara Bank Q2 Results: Net profit jumps, NII drops; Asset quality improves

Shares of Canara Bank Ltd. surged to the highs of the day, gaining as much as 3% after the lender's asset quality in the September quarter improved on a sequential basis.

Canara Bank's gross NPA improved to ₹27,040 crore from ₹29,518 crore last quarter, while net NPA improved to ₹6,113.2 crore from ₹6,765.2 crore in the previous quarter.

The lender's Net Interest Income (NII) or core income fell 2% from last year to ₹9,141 crore, while net profit rose 19% on a year-on-year basis to ₹4,774 crore.

Canara Bank's provisions stood at ₹2,354 crore from ₹2,351 crore in the previous quarter.

Canara Bank's shares are trading 2.56% higher after the results announcement, to trade at ₹132.07. The stock has jumped 33% so far this year.