Canara Bank’s December quarter net profit jumps to `3,656 crore

State owned Canara Bank on Wednesday reported net Profit of Rs 3,656 crore for December 2023 quarter against net Profit of Rs 2,882 crore for December 2022.

The bank’s global business stood at Rs 22,13,360 crore, grew by 9.87 per cent. Gross advances stood at Rs 9,50,430 crore, grew by 11.69 per cent.

The Bengaluru based lender reported Net Interest Income of Rs 9,417 crore an increase of 9.50 per cent. Net Interest Margin stood at 3.02 per cent improved by 9 bps. RAM credit grew by 14.56 per cent to Rs 5,30,444 crore against Rs 4,63,038 crore for December 2022. Retail credit grew by 12.14 per cent with Housing loan growth at 12.07 per cent.

On asset quality front the bank’s Gross NPA Ratio stood at 4.39 per cent, down by 150 bps. Net NPA Ratio stood at 1.32 per cent, down by 64 bps.

Provision Coverage Ratio at 89.01 per cent improved by 269 bps. CRAR stood at 15.78 per cent in December 2023 out of which CET1 is 11.28 per cent.

Return on Assets improved to 1.01 per cent for Q3 FY24 against 0.76 per cent for Q3 FY23. Return on Equity improved to 21.95 per cent for Q3 FY24 against 18.38 per cent for Q3 FY23.

The Bank has achieved Targets in Priority Sector at 45.91 per cent and Agricultural Credit at 21.77 per cent of ANBC as at December 2023, as against the norm of 40 per cent and 18 per cent respectively. Credit to small and marginalfarmers stood at 15.18 per cent of ANBC, against the norm of 10 per cent. Credit to Weaker Sections stood at 21.66 per cent of ANBC, against the norm of 12 per cent