Public sector lender Canara Bank’s net profit grew 42.81 per cent y-o-y to ₹3,606 crore in the second quarter of FY24. Its net profit stood at ₹2,525 crore a year ago. On a sequential basis, PAT grew 2.01 per cent.
Furthermore, the net interest income for the quarter increased by 19.76 per cent year-on-year, reaching ₹8,903 crore, compared to ₹8,666 crore. On a quarter-on-quarter basis, it saw 2.73 per cent growth.
Notably, retail credit, including housing loans, exhibited healthy growth at 10.56 per cent, with housing loans specifically increasing by 12.32 per cent. RAM Credit also expanded by 13.63 per cent to reach Rs. 5,16,949 crore, representing 56 per cent of total advances.
In terms of overall business performance, global business increased by 10.12 per cent year-on-year to ₹21,56,181 crore. Domestic business also showed strong growth, increasing by 10.08 per cent to ₹20,21,650 crore.
The bank’s asset quality improved significantly, with the Gross Non-Performing Assets (GNPA) ratio dropping to 4.76 per cent from 6.37 per cent in the corresponding quarter a year ago. The Net Non-Performing Assets (NNPA) ratio decreased to 1.41 per cent, down from 2.19 per cent in the same quarter last year.
As of September 30, 2023, Canara Bank operated 9,518 domestic branches, of which 3,059 were in rural areas, 2,717 in semi-urban areas, 1,895 in urban areas, and 1,847 in metro areas. Additionally, the bank had 10,553 ATMs. Canara Bank also maintained a global presence with international branches in London, New York, Dubai, and Gift City (Gandhinagar).