Canara Bank Q2 Net profit rises 11%

 

Public Sector lender Canara Bank on October 29 reported 11% rise in net profit at Rs 4,015 crore for the quarter ended September 30, 2024.

Its total income rose 10% to Rs 34,721 crore in Q2FY25.

The bank's gross NPA (non-performing asset) ratio decreased to 3.73% for the September 2024 quarter, down from 4.14% a quarter ago, reflecting improved asset quality.

The net NPA ratio year-on-year was reduced by 24 basis points to 1% during the quarter, the lender said.

Provision Coverage Ratio (PCR) stood at 90.89% as at September 2024 against 89.22% as at June 2024, 88.73% as at September 2023.

Global Business increased by 9.42% on-year to Rs 2.36 lakh crore as at September 2024 with Global Deposits at Rs 1.35 lakh crore, 9.34% on-year and Global Advance (gross) at Rs 1.02 lakh crore 9.53% on-year.

Domestic Deposit of the Bank stood at Rs 1.24 lakh crore as at September 2024 with growth of 8.34% on-year.

Domestic Advances (gross) of the Bank stood at Rs 9.54 lakh crore as at September 2024 grew by 8.64% on-year.

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Canara Bank Q1 Net profit rises 11%

State-owned lender Canara Bank on July 25 reported a 10.5 percent on-year rise in net profit at Rs 3,905.28 crore in the first quarter of the current financial year.Sequentially, net profit was up 4 percent.

Gross non-performing asset (NPA) ratio of the bank stood at 4.14 percent in the June quarter against 4.23 percent in the previous quarter and 5.15 percent in the year-ago period.

Net NPA ratio of the lender declined to 1.24 percent from 1.27 percent in the March quarter and 1.57 percent in the Q1FY24.In absolute terms, gross NPA of the bank stood at Rs 40,356.38 crore as on June 30, as compared to Rs 40,604.57 crore as on March 31, and Rs 45,727.37 crore as on June 30, 2023.

Net NPA stood at Rs 11,701.77 crore in April-June quarter, as compared to Rs 11,822.83 crore in a quarter ago period and Rs 13,461.43 crore in a year ago period.

Provision Coverage Ratio (PCR) at 89.22 percent improved by 118 basis points (bps).

In April-June quarter, fresh slippages of the bank stood at Rs 3,015 crore, as compared to Rs 3,188 crore in a year ago period.

In the reporting quarter, total domestic deposit of the bank rose 11.47 percent on a yearly basis to Rs 12.31 lakh crore. In a year ago period, total domestic deposit stood at Rs 11.05 lakh crore.

In the domestic total deposit, CASA deposits grew by 4.66 percent on-year to Rs 3.81 lakh crore. Of the total, savings account stood at Rs 3.32 lakh crore, which was up 3.62 percent.

While, the term deposits grew 14.82 percent on-year to Rs 8.50 lakh crore. Of this, Retail Term Deposit stood at Rs 5.15 lakh crore.

On the other hand, global deposits of the state-owned lender stood at Rs 13.36 lakh crore, which was up 11.97 lakh crore on-year.

Domestic gross advances of the bank grew 9.17 percent on-year to Rs 9.21 lakh crore. RAM credit has grown 12.26 percent on-year to Rs 5.52 lakh crore.

In the RAM category, retail advances increased to Rs 1.76 lakh crore in April-June quarter, as compared to Rs 1.43 lakh crore in a year ago period, which registered a growth of 23.54 percent.

Agriculture and allied advances grew 8.14 percent on-year in the reporting quarter to Rs 2.53 lakh crore.

Advances to corporates and others grew 6.87 percent on a yearly basis to Rs 4.24 lakh crore, according to the investor presentation of the bank.

Global Gross Advance of the lender increased by 9.86 percent on-year to Rs 9.8 lakh crore in April-June quarter.

In the reporting quarter, Canara Bank has reduced their credit to non-banking finance companies by 18.15 percent 0n-year and 10.19 percent on a quarterly basis to Rs 1.19 lakh crore.

Also, the lender reduced credit to petroleum, poal products & nuclear fuels industry by 11.82 percent on-year and 3.62 percent on-quarter.

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This PSU Bank's X (formerly Twitter) account hacked

On June 22, Canara Bank's official social media profile on platform X was compromised in a recent internet security attack. The hacker alarmed both users and banking authorities by changing the handle's username to "ethèr.fi." The bank has initiated the inquiry.

"Canara Bank wishes to notify everyone involved that there has been compromise of the bank's official X (formerly Twitter) account. In an announcement made public, the bank stated, "All relevant teams are looking into the situation and collaborating closely with X to get back access to Canara Bank X handle as soon as possible.

Users were also advised by the bank not to publish anything on our X page. "We will inform immediately when it is restored and working in Canara Bank controls," the lender stated.

This event happened not too long after Axis Bank was the target of a comparable cyberattack. A few days earlier, unauthorized posts on cryptocurrencies were made on platform X through the hacking of Axis Bank's support handle. Axis Bank has commenced an inquiry to determine the scope of the security compromise and minimize any possible hazards to its clientele and business activities.

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Canara Bank Q4 net profit rises 18.4%, asset quality improves; declares declared

Public sector lender Canara Bank on Wednesday reported its March 2024 quarter net profit at ₹3,757 crore, up 18% year-on-year (YoY). The figure was in line with CNBC-TV18's estimate of ₹3,753.6 crore. The same was ₹3,174.7 crore in the same quarter last year.

The bank's net interest income (NII), the difference between interest earned and interest expended, grew 11% YoY to ₹9,580 crore for the reporting quarter. It was ₹8,616.8 crore in the corresponding quarter of last year.

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Canara Bank improved its asset quality over a year ago period as gross non-performing assets (GNPA) ratio reduced to 4.23% in the quarter under review, as against 4.39% in a quarter ago period, and 5.35% in a year ago period.

The lender's net NPA ratio stood at 1.27% as on March 31, 2024, compared to 1.32% in the last quarter and 1.73% in a year-ago period.

The provision coverage ratio (PCR) stood at 89.10% as of March 2024 as against 89.01% as of December 2023, 87.31% as of March 2023.

Canara Bank's loan growth was weak. Its guidance for loan growth is weaker for FY25 as against FY24 loan growth.

FY25 guidance:

Deposit growth of 10% (11.3% in FY24)

Advances growth of 10% (11.34% in FY24)

CASA ratio at 33% vs 32.29% in FY24

NIM at 2.9% vs 3.05% in FY24

GNPA ratio at 3.5% vs 4.23% in FY24

NNPA ratio at 1.1% vs 1.27% in FY24

Slippage ratio at 1.3% vs 1.28% in FY24

Credit cost at 1.1% vs 0.96% in FY24

ROA at 1% vs 1.01% in FY24

ROE at 18% vs 22.06% in FY24

The bank has also recommended a dividend of ₹16.10 per equity share of face value of ₹10 each to the shareholders for the year 2023-24.

Record Date for payment of dividend will be Monday, June 17, 2024, the bank said.

This will result in a dividend payout of 161%, the lender said in a regulatory filing.

The dividend will be subject to the approval of shareholders at the ensuing Annual General Meeting of the bank.

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Canara Bank Q3 Net profit rises 27%

 

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.

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Canara Bank Q2 Net profit zooms 43% YoY

 

Public sector lender Canara Bank on October 26 reported a net profit of Rs 3,606 crore for the July-September quarter of FY24, up 43 percent from the year-ago period.

The lender's net interest income (NII) came in at Rs 8,903 crore, 19 percent higher from the the corresponding quarter of the previous fiscal.

The bank's gross non-performing asset (NPA) stood at 4.76 percent, down from 6.37 percent in year-ago period. Net NPA for the quarter improved to 1.41 percent from 2.19 percent in the year-ago period.

Deposit of the bank stood at Rs 11.43 lakh crore growing by 8.22 percent and domestic advances stood at Rs 8.78 lakh crore growing by 12.59 percent.

The lender's RAM credit grew by 13.63 percent to Rs 5.16 lakh crore and constitutes 56 percent of the total advances. Retail credit grew by 10.56 percent with housing loan growth at 12.32 percent and education Loan grew by 14.68 percent whereas vehicle loan grew by 9.29 percent.

The bank's retail portfolio increased to Rs 1.48 lakh crore and grew by 10.56 percent. Housing loan portfolio increased by 12.32 percent to Rs 88,564 crore and advances to agriculture grew by 20.54 percent to Rs 2.36 lakh crore.

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Canara Bank Q1 results: Net profit jumps 75% YoY ; asset quality improves

Canara Bank on July 24 reported a 74.8 percent year-on-year (YoY) rise in profit after tax at Rs 3,534.84 crore in the first quarter of the current financial year, boosted by an increase in net interest income and improvement in interest margins and asset quality.

The state-owned lender reported a net profit of Rs 2,022.03 crore in the year-ago period.

The Bengaluru-headquartered lender's assets quality improved in the June quarter, with gross non-performing assets (NPAs) ratio at 5.15 percent against 5.35 percent in the previous quarter and 6.98 percent in the year-ago period.

The net NPA ratio stood at 1.57 percent, better than 1.73 percent in the previous quarter and 2.48 percent in the year-ago period.

The improvement in asset quality is beneficial to a bank as fewer risky assets tend to bring down the outstanding risk-weighted assets, saving the capital for the lender.

In absolute terms, the bank's gross NPA stood at Rs 45,727 crore as on June 30, against Rs 54,734 crore in the year-ago period. The net NPA too was down at Rs 13,461 crore from Rs 18,505 crore.

In the reporting quarter, the net interest income, the difference between the interest earned on loans and paid to depositors, rose 27.72 percent on-year to Rs 8,666 crore.

The total interest income of the bank was Rs 25,004 crore in the April-June quarter, up from Rs 18,177 crore in a year ago period.

The net interest margin, an important profitability marker, was at 3.05 percent, up from 2.95 percent in the previous quarter and 2.78 percent in a year-ago period.

The global deposits of the bank rose 6.65 percent on-year to Rs 11.92 lakh crore, while domestic deposits were up 4.9 percent on-year to Rs 11.05 lakh crore.

in April-June, term deposits of state-owned lender rose 6.98 percent to Rs 7.04 lakh crore.

On the advances front, global gross advances surged 13.27 percent on-year to Rs 8.88 lakh crore and domestic gross advances rose 12.69 percent on-year to Rs 8.18 lakh crore.

In April-June, Canara Bank reported a 71.01 percent on-year fall in its treasury income to Rs 536 crore. In treasury income, profit on exchange transactions halved 75.21 percent on-year to Rs 236 crore and profit on sale of investment fell 66.93 percent on-year to Rs 294 crore, according to the investors presentation.

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Canara Bank Q4 Results: Net profit zooms 90% YoY

 

Canara Bank on Monday reported March quarter net profit at Rs 3,175 crore, up 90% year-on-year (YoY). The figure stood at Rs 1,666 crore in the same quarter last year.

Net interest income (NII), the difference between interest earned and interest expended, grew 23% YoY to Rs 8,616 crore for the fourth quarter under review. It was Rs 7,006 crore in the corresponding quarter of last year.

The lender's operating profit stood at Rs 7,252 crore during the March quarter, registering a growth of 17% YoY.

Canara Bank improved its asset quality over a year ago period as gross non-performing assets (GNPA) ratio reduced to 5.35% in the March quarter, down from 5.89% at the end of March 2022.

Net non-performing assets (NNPA) ratio has also declined to 1.73% as of March 2023 from 2.65% as of March 2022.

The bank's provision coverage ratio (PCR) stood at 87.31% at the end of March quarter as against 84.17% in the last year quarter.

On the operational front, the global business increased by 12% YoY to Rs 20.41 lakh crore as at March 2023 with global deposits at Rs 11.79 lakh crore.

Domestic deposits of the bank stood at Rs 10.94 lakh crore at the end of the quarter, showing a growth of 6% YoY.

While the retail lending portfolio increased by 11% YoY to Rs 1.4 lakh crore, housing loans jumped 14% YoY to Rs 84,364 crore.

The bank's capital adequacy was at 16.68% as of March 2023, including tier-I of 13.78%.

The lender's Board has recommended a dividend of Rs 12 per equity share (i.e., 120%) of face value of Rs 10 each to the shareholders for the financial year 2022-23.

The lender has 9,706 branches as of the March quarter, out of which 3048 are rural, 2742 semi-urban, 1991 urban and 1925 metro along with 10726 ATMs.

Considering the bank’s performance, the board has decided to pay 15 days' salary as performance-linked incentive (PLI) to the employees.

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