Canara Bank Q4 net profit jumps 28% Rs 5,070 crore

Mumbai: State-owned Canara Bank on Thursday reported a 28 per cent jump in its consolidated net profit to Rs 5,070 crore for the March quarter, helped by a dip in provisions and a rise in non-core income.

The public sector bank had reported a net profit of Rs 3,951 crore in the year-ago period. Its post-tax profit for FY25 rose to Rs 17,540 crore from Rs 15,279 crore in FY24.

Despite an 11 per cent loan growth, its core net interest income declined by 1.44 per cent to Rs 9,442 crore in the reporting quarter, hit by a 0.25 per cent narrowing in the net interest margin to 2.80 per cent.

The non-interest income grew by 21.74 per cent to Rs 6,351 crore during the reporting quarter, driven by a 30 per cent jump in recoveries from written-off accounts to Rs 2,471 crore and a 15 per cent increase in treasury income of Rs 995 crore.

The fresh slippages decreased to 2,655 crore, and the gross non-performing assets ratio improved to 2.94 per cent in March from 3.34 per cent three months ago.

The overall provisions declined to Rs 1,831 crore from Rs 2,483 crore a year ago, while the ones for NPAs increased to Rs 2,849 crore from Rs 2,282 crore.