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.

Global advances for the quarter increased by 13.74% from last year to ₹11.51 lakh crore, while deposits saw a 13.40% growth on a year-on-year basis to ₹15.27 lakh crore.

The lender's slippage ratio stood

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