Canara Bank Q3FY24: Net profit grows 27% to Rs 3,656 cr; NII stands at Rs 9,417 cr
Bengaluru: State-owned lender Canara Bank announced a net profit of Rs 3,656 crore for the October-December quarter of the fiscal year 2023-24, an increase of 26.87 percent compared to the Rs 2,881.52 crore reported in the corresponding period of the previous year.
The bank's gross non-performing asset (NPA) reduced to 4.39 percent from the 5.89 percent recorded in the same quarter the previous year. Conversely, the net NPA for the quarter improved to 1.32 percent from 1.96 percent on a year-on-year basis.
Canara Bank's Net Interest Income reached Rs 9,417 crore, demonstrating a growth of 9.50 percent. The Net Interest Margin also improved to 3.02 percent, a 9 basis points increase.
The global business of the public sector lender increased by 9.87 percent year-on-year to Rs 22,13,360 crore as of December 2023, with global deposits at Rs 12,62,930 crore and global advances (gross) at Rs 9,50,430 crore.
Canara Bank's retail lending portfolio saw growth, reaching Rs 1,53,640 crore, a 12.14 percent increase year-on-year.
Notably, the Housing Loan Portfolio increased by 12.07 percent year-on-year to Rs 91,800 crore. Advances to Agriculture & allied activities grew by 19.26 percent year-on-year to Rs 2,42,470 crore as of December 2023.
As of December 31, 2023, the Bank operates a network of 9,585 branches, comprising 3,095 in rural areas, 2,742 in semi-urban areas, 1,906 in urban areas, and 1,842 in metro areas.
The Bank has 10,463 ATMs. It has established three international branches located in London, New York, and Dubai.
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