Canara Bank on Wednesday reported a 27.88 per cent year-on-year increase in its net profit to ₹3,738.26 crore in the third quarter of FY24. It posted a PAT of ₹2,923.16 crore in the same quarter last year.
The bank posted net-interest income of ₹9,417 crore, increased by 9.50 per cent y-o-y.
Gross non performing assets (NPA) reported at ₹41,776.52 crore in Q3, showing a positive trend with a decrease from ₹44,009.59 crore in the previous quarter.
During this quarter, the net non-performing assets (NNPA) was ₹12,183.43 crore, as against ₹15,992.96 crore in the same quarter last year.
For Q3 the domestic deposit stood at ₹11,66,848 crore, an increase of 8.07 per cent y-o-y over the same quarter last year. Domestic advances (gross) of the bank stood at ₹9,01,465 crore as at December 2023 grew by 12.56 per cent.
Global business increased by 9.87 per cent y-o-y to ₹22,13,360 crore as at December 2023 with global deposits at ₹12,62,930 crore and global advances (gross) at ₹9,50,430 crore.
K Satyanarayana Raju MD and CEO of Canara Bank said, “We have achieved 4.39 per cent gross NPA while the guidance stood at 4.5 per cent. For net NPA, the guidance was 1.2 per cent, now we are at 1.32 per cent. Similarly, earnings per share, the guidance was for ₹65 whereas we have achieved ₹79.21.”
The bank’s retail lending portfolio increased by 12.14 per cent y-o-y to ₹1,53,640 crore and housing loan portfolio increased by 12.07 per cent y-o-y to ₹91,800 crore.
Canara bank has 9,585 branches, out of which 3,095 are rural, 2,742 semi urban, 1,906 urban and 1,842 metro along with 10,463 ATMs. Bank also has 3 overseas branches in London, New York and Dubai.