Canara Bank’s net profit rose 92% year-on-year in the December quarter due to a strong growth in the state-owned lender’s loans.
The bank posted a bottomline of Rs 2,882 crore in October-December, up 14% on quarter.
The state-owned bank’s domestic gross advances rose 14.1% y-o-y to Rs 8 trillion rupees as on December 31.
The retail lending portfolio rose 11.30% y-o-y to Rs 1.4 trillion rupees as on December 31. Within this, housing loan portfolio rose 15.81% y-o-y, and advances to agriculture rose 20.6% y-o-y.
Domestic deposits rose 9.2% y-o-y to nearly Rs 11 trillion as on December 31. Current and savings account deposits rose 2.8% y-o-y, whereas term deposits rose 12.6%.
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Gross non-performing assets ratio fell to 5.89% as on December 31 from 6.37% as on September 30, and 7.80% a year ago. Net non-performing asset ratio fell to 1.96% as on December 31 from 2.19% as at September 30, and 2.86% a year ago.
The bank’s provision coverage ratio stood at 86.32% as on December 31, higher than 82.26% a year ago.
The bank’s capital to risk (weighted) assets ratio stood at 16.72% as on December 31.