Canara Bank on Monday posted profit for the first quarter of financial year 2023-24 at Rs 3,573.50 crore, up 73.6 per cent in comparison to Rs 2,058.31 crore during the same period last year, beating estimates. The total interest earned during the quarter was at Rs 25,450.79 crore, up 37.3 per cent as against Rs 18,536.89 crore during Q1FY23. The net interest income (NII) stood at Rs 8,665.7 crore. The Net Interest Margin stood at 3.05 per cent improved by 27 bps. According to CNBC TV18 estimates, Canara Bank was expected to post Q1 profit at Rs 3,256.2 crore and NII at Rs 8,489.6 crore. 

The public sector bank posted a total income during the April-June quarter of FY24 at Rs 32,259.41 crore, up 35.9 per cent from Rs 23,739.27 crore during the corresponding quarter of last year. However, the total expenses for the quarter stood at Rs 24,606.88 crore, up 44 per cent in comparison to Rs 17,089.30 crore during the same period last year. 

Canara Bank reported an improvement in asset quality, with gross non-performing assets (NPA) ratio at 5.16 per cent against 6.99 per cent in the same quarter last year. The amount of gross NPA was at Rs 45,781.45 crore during the June quarter. Meanwhile, net NPA ratio stood at 1.57 per cent from 2.48 per cent a year earlier. The amount of net NPA came at Rs 13.468.38 crore during the quarter ended June, 2023. 

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Canara Bank’s segment wise performance for Q1

In terms of revenue generation across segments, treasury operations revenue stood at Rs 5,701.80 crore, retail banking operations revenue was at Rs 13,741.91 crore, wholesale banking operations revenue came at Rs 10,194.11 crore, and life insurance operations revenue was at Rs 2,621.59 crore during the quarter in review. 

Canara Bank’s global business increased by 9.38 per cent on-year to Rs 20,80,141 crore during the quarter with global deposits at Rs 11,92,470 crore, up 6.65 per cent on-year and Global Advance (gross) at Rs 8,87,671 crore. 

Meanwhile, the domestic deposit of the bank stood at Rs 11,04,506 crore during the April-June quarter, up 4.90 per cent on-year, with Domestic Advances (gross) at Rs 8,43,063 crore , up 12.69 per cent YoY. Retail lending portfolio increased to Rs 1,42,297 crore, while the housing loan portfolio increased 13.64 per cent YoY to Rs 85,884 crore. Advances to Agriculture grew by 19.97 per cent to Rs 2,22,757 crore during the quarter ended June, 2023. 

Canara Bank’s presence

As on 30.06.2023, Canara Bank has 9653 branches, out of which 3049 are rural, 2723 semi urban,1970 urban and 1911 metro along with 10683 ATMs. The Bank also has 3 overseas branches in London, New York and Dubai.