Canara Bank on Tuesday announced its fiscal second quarter earnings with profit at Rs 4,100.32 crore, registering a growth of 11.5 per cent as against Rs 3,677.39 crore recorded during the corresponding quarter of FY24. It posted total income during the quarter in review at Rs 38,006.05 crore, up 12.1 per cent from Rs 33,891.21 crore reported during the second quarter of previous financial year. On a standalone basis, profit came in at Rs 4,014.53 crore, up 11.3 per cent from Rs 3,606.14 crore during Q2FY24. NII for Q2 stood at Rs 9,315.3 crore, up 4.6 per cent vs Rs 8,903 crore YoY. 

The Bank recorded global business growth of 9.42 per cent YoY at Rs 2,359,344 crore during the quarter with global deposits at Rs 1,347,347 crore, up 9.34 per cent YoY and global advance (gross) as Rs 1,011,997 crore, up 9.53 per cent YoY. Domestic deposit, meanwhile, stood at Rs 1,238,713 core as at September 2024 with growth of 8.34 per cent YoY. Domestic Advances (gross) of the Bank stood at Rs 9,54,149 crore as at September 2024, up 8.64 per cent YoY.

Canara Bank recorded retail lending portfolio growth of 31.27 per cent on-year to Rs 1,94,556 crore as at September 2024. Housing loan portfolio increased by 12.29 per cent YoY to Rs  99,452 crore. 

Canara Bank also retained FY25 guidance on all fronts. 

Asset quality

Canara Bank announced that its Gross Non-Performing Assets (GNPA) ratio improved to 3.73 per cent as at September 2024 in comparison to 4.76 per cent as at September 2023. Net Non-Performing Assets (NNPA) ratio improved to 0.99 per cent as at September 2024 from 1.41 per cent as at September 2023. Provision Coverage Ratio (PCR) stood at 90.89 per cent as at September 2024 against 88.73 per cent as at September 2023.

Distribution network

As on 30 September, Canara Bank said, it has 9658 number of branches, out of which 3115 are rural, 2778 semi urban, 1918 urban & 1847 metro along with 9881 ATMs. The Bank also has 4 overseas branches in London, New York, Dubai and IBU Gift City.