Public sector lender Canara Bank reported an 11% increase in net profit, reaching ₹4,015 crore for the quarter ending September 30, 2024. The bank’s total income for Q2 FY25 grew by 10%, amounting to ₹34,721 crore.
As of 12:55 pm on October 29, Canara Bank‘s shares were trading 1% higher at ₹101.66 per share, reflecting positive market sentiment following the results announcement.
The bank’s asset quality also improved, with the gross non-performing asset (NPA) ratio decreasing to 3.73%, down from 4.14% in the previous quarter. The net NPA ratio reduced by 24 basis points year-over-year, settling at 1%. Additionally, the Provision Coverage Ratio (PCR) rose to 90.89%, up from 89.22% in June 2024 and 88.73% in September 2023.
Canara Bank’s global business saw a 9.42% year-over-year increase, reaching ₹2.36 lakh crore by September 2024. Global deposits stood at ₹1.35 lakh crore, growing 9.34% year-on-year, while global advances rose by 9.53% to ₹1.02 lakh crore. Domestically, deposits totaled ₹1.24 lakh crore, marking an 8.34% rise, and domestic advances (gross) increased by 8.64% to ₹9.54 lakh crore.
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The bank’s Capital to Risk-Weighted Assets Ratio (CRAR) was reported at 16.57% for September 2024, up from 16.38% in the previous quarter. Tier-I capital stood at 14.64%, with Common Equity Tier 1 (CET1) at 12.00% and Tier-II capital at 1.93%, all indicating a robust capital position for Canara Bank.
