Canara Bank Q3 results: Net profit rises 27%, net interest income 9.5% up
Canara Bank Q3 results: Canara Bank's asset quality also showed positive trends, with Gross Non-Performing Assets (NPA) at ₹41,722 crore, a decrease from ₹43,955.6 crore in the previous quarter.
Canara Bank on Wednesday, January 24, reported 27% rise in net profit to ₹3,656 crore for December quarter. This figure slightly surpassed the CNBC-TV18 poll estimate of ₹3,451 crore. The Net Interest Income (NII) for Q3 stood at ₹9,417 crore, indicating 9.5% increase from the same period in the previous financial year, where it was ₹8,600 crore.
Canara Bank's asset quality showed positive trends, with Gross Non-Performing Assets (NPA) at ₹41,722 crore, a decrease from ₹43,955.6 crore in the previous quarter.
Net Non-Performing Assets (NPA) stood at ₹12,176 crore, down from ₹12,554 crore in the corresponding period last year.
The Gross NPA percentage saw a slight increase, reaching 4.9% compared to 4.76% in the previous year.
Provisions for Q3 were reported at ₹1,899 crore, down from ₹2,609 crore in the previous quarter and ₹3,124 crore on a yearly basis.
The provision coverage ratio showed improvement at 89.01%, up from 88.73% in the previous quarter.
The slippages for the quarter was reported at ₹3,176 crore versus ₹2,987 crore quarter-on-quarter (QoQ). The loan growth stood at 12.6% year-on-year (YoY).
The Net Interest Margin (NIM) remained flat at 3.02% (QoQ), and the credit cost stood at 0.97% (YoY).
Canara Bank also reported a one-off gain of ₹1,402 crore, a substantial increase from ₹219 crore in the same period last year.
Canara Bank's retail lending portfolio increased to ₹1,53,640 crore that is grew by 12.14% (YoY). Housing loan oortfolio increased by 12.07% YoY to ₹91,800 crore.
Advances to agriculture and allied activities grew by 19.26% YoY to ₹2,42,470 crore as of December 2023.
As of December 31, 2023, the bank has 9,585 branches, out of which 3,095 are rural, 2,742 semi-urban, 1,906 urban and 1842 metro along with 10463 ATMs.
The bank also has 3 overseas branches in London, New York and Dubai.
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First Published: Jan 24, 2024 1:13 PM IST
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