Canara Bank Q3 profit rises 27% to Rs 3,656 crore

Canara Bank Q3 results: State-owned Canara Bank’s profit surged 26.9 per cent to Rs 3,656 crore in the December quarter (Q3FY24), from Rs 2,881.5 crore in the same quarter a year ago (Q3FY23).

The bank’s Net Interest Income (NII), which is the difference between interest earned and interest expended, surged 9.5 per cent to Rs 9,417 crore in Q3FY24, from Rs 8,600 crore in the same quarter a year ago. 

The Bengaluru-based bank’s gross non performing assets (GNPAs) appreciated over 5 per cent to Rs 41,722 crore in the December quarter, from Rs 43,956 crore in the previous quarter of the same fiscal (Q2FY24). Its net non performing assets (NNPAs) improved 3 per cent sequentially to Rs 12,176 crore, from Rs 12,554 crore in the previous quarter.

As percentage of total advances, GNPA appreciated to 4.39 per cent sequentially, from 4.76 per cent. Meanwhile, NNPA improved to 1.32 per cent, from 1.41 per cent during the same period.

The Net Interest Margin (NIM) remained flat sequentially at 3.2 per cent. However, the provisions fell over 27 per cent to Rs 1,899 crore in the December quarter, from Rs 2,609 crore in the September quarter.

As of 12:56 pm, shares of Canara Bank were trading 0.41 per cent higher at Rs 458.20 per share.