Canara Bank September quarter profit rises 43% to Rs 3,606 crore

Canara Bank on Thursday reported robust earnings for second quarter of current financial year on the back of lower provisioning for bad loans and stable growth in loan portfolio.

Canara Bank's net profit in September quarter came in at Rs 3,606 crore, marking an upside of 43 per cent from Rs 2,525 crore during the same quarter last year. Its net interest income or difference between interest earned and interest expended came in at Rs 8,903 crore as against Rs 7,434 crore in the year ago period, marking an upside of 20 per cent.

Its net interest margin improved by 19 basis points to 3.02 per cent.

The bank's provisioning for bad loans declined by 20 per cent to Rs 2,200.80 crore as against Rs 2,745 crore in the year ago period.

Canara Bank’s global business increased by 10.12 per cent annually to Rs 21,56,181 crore at the end of September quarter with global deposits at Rs 12,32,215 crore up 8.66 per cent annually and global advances rose to Rs 9,23,966 crore up 12.11 per cent.

Domestic deposit of the bank stood at Rs 11,43,394 crore as at September 2023 with growth of 8.22 per cent. Domestic loans (gross) of the bank stood at Rs 8,78,256 crore as at September 2023 grew by 12.59 per cent annually.

Retail lending Portfolio increased to Rs 1,48,209 crore, up 10.56 per cent annually at end of September quarter.

Gross Non-Performing Assets (GNPA) ratio stood at 4.76 per cent as at September 2023 as against 5.15 per cent as at June 2023, 6.37 per cent as at September 2022.

Net Non-Performing Assets (NNPA) ratio stood at 1.41 per cent as at September 2023 as against 1.57 per cent as at June 2023, 2.19 per cent as at September 2022.

At the end of September quarter, the bank had 9518 branches, out of which 3059 were rural, 2717 semi urban, 1895 urban and 1847 metro along with 10,553 ATMs.

As of 2:45 pm, Canara Bank shares traded 1.06 per cent higher at Rs 357.30, outperforming the Sensex which was down 1.3 per cent.