Canara Bank posts 27% jump in net profit for Oct-Dec quarter

Mumbai: Canara Bank on Wednesday reported a 26.87% increase in net profit to Rs 3,656 crore for the October-December quarter of the current financial year compared to the corresponding figure of Rs 2,881.5 crore in the same period last year.

The bank’s Net Interest Income (NII) during the quarter rose 9.5% to Rs 9,417 crore from Rs 8,600 crore in the year ago period.

The bank’s loans went up by 12.6% during the quarter.

Asset quality of Canara Bank

The bank also registered an improvement in asset quality as gross non-performing assets (GNPA) fell 5.1% of total loans to Rs 41,722 crore in Q3 from Rs 43.955.6 crore in the July-September quarter. The net-non performing assets of the bank also declined by 3%.

The bank’s provisions in Q3 fell to Rs 1,899 crore from Rs 2,609 crore in the second quarter.

Canara Bank’s global business increased by 9.87% year-on-year to Rs 22,13,360 crore with global deposits at Rs 12,62,930 crore in December 2023 and global advance at Rs 9,50,430 crore.

The domestic deposits of the bank stood at Rs 11,66,848 crore which was 8.07% higher year-on-year, while domestic advances increased by 12.56% to Rs 9,01,465 crore during this period.

Canara Bank shares were trading 0.78 percent lower at Rs 452.80 apiece on BSE around 1:15 p.m. after the Q3 financial results were announced.