New Delhi: Canara Bank has reported a robust 12% growth in net profit for the October-December quarter of the current financial year, reaching Rs 4,104 crore compared to Rs 3,656.12 crore during the same period last year. The impressive performance marks a continued positive trend for the bank despite challenges in some key metrics.
Table of Contents
Key Financial Highlights:
- Net Profit: Canara Bank’s net profit surged by 12% to Rs 4,104 crore, showing solid year-on-year growth.
- Interest Income: The bank’s interest income rose to Rs 30,311.61 crore in Q3 FY25, up from Rs 28,038.83 crore in Q3 FY24.
- Net Interest Income (NII): Despite the rise in interest income, the bank’s NII, the difference between interest earned and interest expended, saw a slight decline of 2.85%, dropping to Rs 9,148.57 crore from Rs 9,417 crore in the same quarter last year.
- Operating Profit: The pre-provision operating profit for Q3 FY25 increased by 15%, reaching Rs 7,837 crore, up from Rs 6,805 crore in Q3 FY24.
Asset Quality Improvement:
- Gross Non-Performing Assets (GNPA): Canara Bank saw a significant improvement in asset quality, with the GNPA ratio declining to 3.34% in December 2024, down from 3.73% in September 2024 and 4.39% in December 2023.
- Net NPA Ratio: The bank’s net NPA ratio also improved, falling to 0.89% in the October-December quarter, compared to 0.99% in the previous quarter and 1.32% a year ago.
- Provision Coverage Ratio (PCR): The PCR at the end of the December quarter stood at 91.26%, showing a steady increase from 90.89% in September 2024 and 89.01% in December 2023.
Other Key Metrics:
- Fee Base Income: The bank’s fee base income for Q3 FY25 grew by 23%, totaling Rs 2,185 crore year-on-year.
- Global Business Growth: Canara Bank’s global business increased by 9% year-on-year, reaching Rs 24.19 lakh crore in Q3 FY25.
- Global Deposits: The bank’s global deposits rose by 8% during the quarter.
Canara Bank’s strong performance in the third quarter reflects its solid financial foundation and ability to manage operational challenges. The significant growth in net profit, alongside improving asset quality and a rise in global business, demonstrates the bank’s resilience and effective strategy in a competitive market.
Also Read: Indian Stock Market Faces Sharp Decline Amid Global Uncertainty and Domestic Concerns
This continued growth reinforces Canara Bank’s commitment to delivering consistent value to its shareholders, customers, and stakeholders in the ever-evolving financial landscape.