Canara Bank promoted housing loan provider Can Fin Homes Ltd on Wednesday (July 19) reported a 13.1 percent year-on-year (YoY) jump in net profit at Rs 183.5 crore for the first quarter that ended June 30, 2023.
In the corresponding quarter last year, the company posted a net profit of Rs 162.2 crore, the company said in a regulatory filing. CNBC-TV18 Polls had predicted a profit of Rs 170.8 crore for the quarter under review.
Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, jumped 13.9 percent, coming at Rs 285.1 crore against Rs 250.4 crore in the corresponding quarter of FY23.
The gross non-performing asset (GNPA) stood at 0.63 percent in the June quarter against 0.55 percent in the March quarter. Net NPA came at 0.34 percent against 0.26 percent quarter-on-quarter.
The bank's provision coverage ratio was at 46.57 percent in the first quarter of FY24 against 52.3 percent in Q1 of FY23, Can Fin Homes said.
The results came after the close of the market hours. Shares of Can Fin Homes Ltd ended at Rs 818.75, up by Rs 20.90, or 2.62 percent on the BSE.
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