Canara, UBI, Central Bank see 2-digit rise in net due to higher NII growth

NII of the lender grew 18.5 per cent year-on-year (YoY) to Rs 7,434 crore

Three state-owned banks, which declared their July-September (Q2FY23) earnings on Thursday reported double-digit growth in their net profit, aided by higher net interest income (NII), which came on the back of healthy growth in advances. Their asset quality also showed sharp improvement as both gross non-performing assets (GNPAs) and net NPAs of the bank declined on a year-on-year (YoY) and sequential basis.

Bengaluru-based Canara Bank reported an 89 per cent jump in its net to Rs 2,525 crore in Q2, compared with Rs 1,333 crore net profit in the year-ago period. The bank said it has shifted to a new