Canara Bank Q3 profit grows 12% to Rs 4,104 crore

New Delhi: Canara Bank on Monday reported 12.25 percent increase in standalone net profit at Rs 4,104 crore for December quarter 2024-25 driven mainly by higher income and lower non-performing assets.

The public sector bank's net profit was Rs 3,656 crore in October-December period of last financial year.

Total income rose to Rs 36,114 crore during the third quarter of 2024-25 from Rs 32,334 crore a year ago, according to a regulatory filing by the bank.

PSU Watch is now on Whatsapp Channels. Click here to join

Gross Non-Performing Assets (GNPA) ratio improved to 3.34 percent as on December 31, 2024 from 3.73 percent in September quarter and 4.39 percent at the end of the year-ago period.

Net Non-Performing Assets (NNPA) ratio improved to 0.89 percent as of December 2024 from 0.99 percent as at September-end and 1.32 percent in the year-ago period.

"We have given a guidance of 3.5 percent Gross NPA. Already we are at 3.34 percent...one more quarter is there, we may touch 3 percent or it may go down to below 3 percent. Our guidance is 3.5 percent and we have already achieved that," said MD and CEO of Canara Bank, K Satyanarayana Raju while announcing the financial result.

Provision Coverage Ratio of the bank stood at 91.26 percent as at December-end 2024 against 90.89 percent in the previous quarter and 89.01 percent as on December 31, 2023.

According to the filing, the bank's net interest income declined 2.85 percent year-on-year in December quarter to Rs 9,149 crore.

Canara Bank also said it has achieved targets in priority sector lending at 44.33 percent and agricultural credit at 21.04 percent of Adjusted Net Bank Credit (ANBC) as at December-end 2024, against the norm of 40 percent and 18 percent, respectively.

The bank also informed that its global business increased 9.30 percent (y-o-y) to Rs 24.19 lakh crore as at December-end 2024, global deposits increased by 8.44 percent (y-o-y) to Rs 13.69 lakh crore and global advance (gross) increased by 10.45 percent to Rs 10.49 lakh crore.

Domestic deposit of the bank stood at Rs 12.57 lakh crore as of December 2024 with a growth of 7.76 percent year-on-year. Domestic advances (gross) stood at Rs 9.87 lakh crore, a growth of 9.55 percent annually.

Capital Adequacy Ratio (CRAR) stood at 16.44 percent as at December-end 2024.

As of December quarter 2024, the bank had 9,816 branches, out of which 3,129 were rural, 2,887 semi-urban, 1,938 urban and 1,862 metro along with 9,715 ATMs.

The bank also has 4 overseas branches in London, New York, Dubai and IBU Gift City.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)