Public-sector lender Canara Bank on January 24 announced its results for the quarter ended December 2023 in which it saw a 26.87 percent rise in net profit and with a good improvement in its assets book.
Here are key highlights from the bank’s earnings report card for the quarter ended December 2023:
Spike in net profit
On a year-on-year (YoY) basis, the bank recorded a 26.87 percent rise in net profit to Rs 3,656 crore from Rs 2,881.52 crore in the corresponding quarter last year.
Net interest income (NII) increased 9.5 percent on-year
and operating profit grew 2.10 percent to Rs 6,806 crore.
Growth in deposits
The bank’s global deposits stood at Rs 12.6 lakh crore, growing 8.55 percent over the last year.
Domestic deposits grew to Rs 11.6 lakh crore with 8.07 percent growth from the corresponding year.
Better asset quality
The gross NPA ratio reduced to 4.39 percent for the third quarter of the fiscal year 2022-23 to Rs 41722 crore from 5.89 percent or Rs 50,142 crore last year.
The net NPA ratio declined to 1.32 percent or Rs 12,175 crore from 1.96 percent or Rs 15,981 crore last year.
The bank's provision coverage ratio stood at 89.01 percent as against 86.32 percent in December 2022.
Rise in sectoral growth
Revenue from retail banking jumped to Rs 1,53640 crore from Rs 13,7007 crore on-year.
Meanwhile, shares of Canara Bank on January 24 were trading 0.79 percent lower at Rs 452.75 apiece on BSE around late trading hours.
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