Net profit of Canara Bank up by 91.88% on y-o-y basis

Global business of Canara Bank grew by 13.63 percent and crossed Rs 20,00,000 crores milestone & its operating profit has increased by 19.8 percent

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Net profit of Canara Bank up by 91.88% on y-o-y basis

New Delhi: State-owned Canara Bank has released its financial results for the quarter that ended on December 31, said a regulatory filing on Monday. As per the filing, the bank’s global business grew by 13.63 percent and crossed Rs 20,00,000 crores milestone. “The net profit of the bank stood at Rs 2,882 crores against net profit of Rs 1,502 crores for December 2021, registering a growth of 91.88 percent,” it stated.

Operating profit of the bank stood at Rs 6,952 cr

“Operating profit of the bank stood at Rs 6,952 crores, which grew by 19.80 percent,” as per the filing. “Its gross advances increased by 16.65 percent. Its net interest income increased by 23.81 percent while its non-interest income increased by 10.35 percent. However, its cost-to-income ratio decreased by 184 bps. The CRAR stood at 16.72 percent as on December 2022. Out of which, CET1 is 11.45 percent,” the filing added.

Canara Bank crosses total global business of Rs 20,00,000 cr

Housing loans of Canara Bank have increased by 15.81%

The filing also stated that the bank’s RAM grew by 13.81 percent which constitutes 54 percent of the total advances. “Its retail credit has also gone up by 11.30 percent and housing loans have increased by 15.81 percent. Return on Equity stood at 18.38 percent, improving by 630 bps,” said the filing.

“Net NPA stood at 1.96 percent, registering a decline of straight 90 bps while gross NPA ratio stood at 5.89 percent, registering a decrease of 191 bps,” stated the filing. It also reported that Provision Coverage Ratio (PCR) has improved by 306 bps.

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