Canara Bank Q3 net up 12% to Rs 4,104 cr
The bank reported improvement in its asset quality with robust retail credit growth
image for illustrative purpose
Bengaluru: Public sector lender, Canara Bank on Monday reported a net profit of Rs 4,104 crore in the third quarter of ongoing financial year, 12 per cent growth over the same period of last year.
During this period, its net interest income stood at Rs 9,149 crore, a fall of 3 per cent year-on-year basis. Its operating profit grew 15.15 per cent to Rs 7,837 crore in Q3 of FY25.
Fee-based income during this period stood at Rs 2,185 crore, an increase of 23 per cent year-on-year basis.
By the end of December quarter, global business of Canara Bank was at Rs 29.19 lakh crore, out of which global deposit stood at Rs 13.69 lakh crore, while global advances was at Rs 10.49 lakh crore. The advances of the public sector lender grew by 10.45 per cent during the third quarter.
Retail credit of the bank grew robustly as it clocked 35.5 per cent rise. Within retail credit, housing loan growth was at 12.26 per cent and vehicle loan growth stood at 17.26 per cent during the third quarter.
Despite decline in Net Interest Income (NII), the bank saw improvements in its asset quality. While its Gross NPA ratio declined to 3.34 per cent from 4.39% last year, the Net NPA ratio improved to 0.83 per cent during the December quarter. Its Net Interest Margin (NIM) was at 2.83 per cent as compared to 2.88 per cent reported in the previous quarter.
The provision coverage ratio of the bank stood at 91.26 per cent from 89 per cent reported in the same period of last year.
