Public sector lender Canara Bank on January 24 reported a net profit of Rs 3656 crore for the October-December quarter of financial year (FY) 2023-24 beating the estimates of Rs. 3,524.5 crore.
The lender marks a 26.87 percent jump in net profit as compared to Rs 2881.52 crore clocked in the year-ago period.
The bank's gross non-performing asset (NPA) stood at 4.39 percent, down from 5.89 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 1.32 percent, improving from 1.96 percent on a year-on-year basis.
Shares of the lender closed for trading nearly 2.22 percent down at Rs 448 apiece on BSE.
The bank's Net Interest Income stood at Rs 9,417 crore, growing by 9.50 percent. Net Interest Margin stood at 3.02 percent improved by 9 bps ( Basis points). Public sector lender global business increased by 9.87 percent (y.o.y) to Rs 22,13,360 crore as of December 2023 with global deposits at Rs 12,62,930 crore and global advance (gross) at Rs 9,50,430 crore. Canara Bank's retail lending portfolio increased to Rs 1,53,640 crore that is grew by 12.14 percent (y.o.y). Housing Loan Portfolio increased by 12.07 percent (y.o.y) to Rs 91,800 crore. Advances to Agriculture & allied activities grew by 19.26 percent (y.o.y) to Rs 2,42,470 Cr as of December 2023.
As of December 31, 2023, the Bank has 9585 branches, out of which 3095 are rural,2742 semi-urban,1906 urban & 1842 metro along with 10463 ATMs. The bank also has 3 overseas branches in London, New York & Dubai.
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