Canara Bank Q3 Net profit rises 12%


Canara Bank announced on Monday that its standalone net profit for the third quarter, which ended on December 31, 2024, increased by 12.25 percent to Rs 4,104.20 crore. In the previous year's October–December quarter, the bank made a net profit of Rs 3,656.12 crore.


 According to a regulatory statement by Canara Bank, the bank's overall revenue climbed 11.7 percent to Rs 36,113.77 crore in the third quarter of the current fiscal year from Rs 32,333.93 crore in the same time last year. The bank's interest income increased from Rs 28,038.83 crore during the same time last fiscal year to Rs 30,311.61 crore during the quarter.


In comparison to the same quarter in FY24, when it was Rs 9,417 crore, the bank's Net Interest Income (NII) decreased 2.85% to Rs 9,148.57 crore. By the end of December 2023, the gross non-performing asset (NPA) had decreased to 3.34 percent of total advances from 4.39 percent. 


In a same vein, the net non-performing asset (NPA) decreased somewhat to 0.89 percent from 1.32 percent at the end of December 2023. Nevertheless, compared to Rs 1,028 crore in the same quarter of the prior fiscal year, provisions and contingencies for the third quarter of FY25 increased to Rs 2,156 crore. 


Compared to Rs 1,898.91 crore in the same period of the prior fiscal year, the provisions and contingencies for the third quarter of FY25 increased to Rs 2,398.25 crore.

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RBI imposes monetary penalty for non-compliance on Bank of India(BOI), Canara Bank and J&K Bank


Canara Bank, Bank of India, and Jammu & Kashmir Bank have all been hit with financial fines by the RBI for breaking regulatory guidelines. 


Canara Bank was fined ₹1.63 crore by the Reserve Bank of India (RBI) for failing to follow its rules regarding priority sector lending, deposit interest rates, and financial inclusion.


 For not transferring qualified funds to the Depositor Education and Awareness Fund within the allotted time, Bank of India was fined ₹1 crore. 


For violating guidelines pertaining to loans and advances, financial inclusion, and Know Your Customer (KYC) standards, Jammu & Kashmir Bank was fined ₹3.31 crore.

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Top 10 Mobile Banking Applications in India


Over the past few decades, technology has advanced significantly. From computers to laptops and iPads, software to applications, and mobile phones to Android devices, the digital age is pervasive. These days, many people use mobile banking apps. When conducting online transactions, a mobile banking app provides convenience, speed, and flexibility.

Nowadays, a large number of Indians are uncomfortable using traditional banking. They have therefore embraced mobile banking. Because of this, practically all private sector and PSU banks offer mobile banking apps for online transactions. This lessens the need for a laptop or desktop computer, and most importantly, it eliminates the need for you to physically visit the bank in order to complete any banking task.

 

1. Kotak-811 & Mobile Banking App

Kotak-811 - A app from Kotak Mahindra Bank offers a zero-balance savings account with an internationally enabled virtual debit card. It features a slick digital banking app UI. It is the first app in India to offer WhatsApp banking. You may now bank on a familiar platform using this app.


Features

* View account details and transaction details, and download e-statements.

* Send and receive money for instant transfers using IMPS, NEFT, and UPI.

* Manage your zero-balance savings account with an internationally enabled virtual debit card for online payments.

* Connect your bank account with WhatsApp and initiate banking transactions through a chat interface.


Pros

User-friendly interface with innovative features, ero-balance savings account with virtual debit card,WhatsApp banking for convenient banking on a familiar platform


Cons

Limited investment options compared to dedicated investment apps, Occasional app crashes reported by some users, Might be overwhelming for users who only need basic functionalities


2. HDFC Bank Mobile Banking App

The HDFC Bank app from one of India’s largest banks, allows you to manage your finances conveniently. You can check account summaries, make payments, transfer funds, and pay utility bills all within the HDFC net banking app.


Features

* Send and receive money using IMPS, NEFT, and UPI through the HDFC bank mobile banking app.

* Schedule and pay various bills, including utilities and credit cards.

* Personalize your app dashboard to display the features you use most frequently.

* Access a streamlined version of the HDFC app download for users with slower internet connections.


Pros

User-friendly interface with customizable features, Reliable and secure platform from a major bank, Lite version available for users with slower internet

Cons

Limited investment options compared to dedicated investment apps, Some users report occasional app crashes, May not offer the most advanced features compared to some other apps



3. YONO SBI 

YONO SBI- App of State Bank of India, Previously known as SBI Anywhere Personal, YONO SBI offers a user-friendly and secure platform for SBI account holders. It supports multiple languages and allows click-based and voice-assisted transactions for a convenient banking experience.


Features

* Use YONO app to send and receive money using IMPS, NEFT, and UPI.

* Schedule and pay various bills, including utilities and credit cards.

* Access the SBI mobile banking app in multiple regional languages for broader accessibility.

* Perform banking transactions using voice commands for added convenience.


Pros

Voice-assisted transactions, All-in-one Platform (investments, shopping, travel booking), Cardless Cash Withdrawal

Cons

Might be overwhelming for users who only need basic functionalities., Customer service responsiveness might vary.,Limited investment options compared to dedicated investment apps.



4. Axis Mobile App

Renowned for its stability, Axis Mobile offers a comprehensive suite of banking services.


Features

* Use the Axis Bank app to schedule automatic payments for various bills, including utilities and credit cards.

* Track your mutual fund investments within the Axis mobile app.

* Set spending limits, turn contactless payments on/off, and temporarily block your card if misplaced.


Pros

Stable and reliable performance, Wide range of features for managing finances, Auto-pay functionality for bills, Debit card control options

Cons

Occasional app crashes reported by some users, Limited investment options compared to dedicated investment apps



5. IDBI Bank GO Mobile+ App

Designed for a smooth banking experience, IDBI GO Mobile+ offers a user-friendly interface and various services. You can check account statements, make payments, recharge prepaid mobiles, and pay utility bills.


Features

* Choose seasonal themes or customize your login screen on the IDBI bank app.

* Secure your login with a selfie picture.

* Use IDBI app to view holdings and transactions directly within the app.


Pros

Simple and easy-to-use interface,Supports regional languages,Covers essential banking needs,Mobile recharge functionality

Cons

Limited investment and advanced features,Customer service responsiveness might vary


6. BOB World

Developed by the Bank of Baroda, BOB World is an app known for its user-friendliness.


Features

* Withdraw cash at BOB ATMs using a one-time MPIN generated within the Bank of Baroda app.

* Generate QR codes on BOB mobile banking app for easy bill payments at merchant locations.

* Store and manage digital receipts for your transactions within the app.


Pros

Convenient bill payments & organized receipts, Simplified cash deposits, Security features (2FA, biometrics, data encryption)


Cons

Relies on QR reader compatibility & increases app storage use, Limited branch availability for cash deposit requests, Responsiveness of customer service



7. ICICI Bank iMobile Pay App

A highly rated app by ICICI Bank, iMobile Pay offers a comprehensive suite of banking services.


Features

* Open fixed deposits (FDs), invest in recurring deposits (RDs) and manage existing investments.

* Access and manage your ICICI Bank life insurance policies on the ICICI Bank mobile app.

* Get quick access to personal loans against your credit card on the imobile app.


Pros

The ICICI bank app features a streamlined layout for effortless navigation, Customize your dashboard for quick access to frequently used features, Clear menus and categorized services


Cons

The app may experience occasional technical glitches or crashes, Some users report slower processing times for transactions, The app might require frequent updates to ensure smooth performance



8. Canara Bank ai1 Mobile Banking App


Designed with the goal of “One Bank, One App,” Canara Bank’s ai1 app offers a variety of banking services.


Features

* Use Canara bank app to pay instantly at stores with a tap using your phone (RTGS/NEFT enabled).

* Start fixed or recurring deposits or invest in mutual funds all within the Canara bank mobile app.

* Set up recurring payments for your bills and savings goals.


Pros

Book flights, hotels, buses, and cabs directly through the app, Check your credit score and pay bills seamlessly through Bharat Bill Payment,Access insurance, Demat services, and IPO applications


Cons

Occasional problems might occur with UPI transactions, Features might be limited for users who don’t have a Canara Bank account, The app might experience occasional slowdowns or technical glitches.



9. Bank of India BOI Mobile App

BOI Mobile boasts a secure and comprehensive banking experience for Bank of India account holders.


Features

* View balances and statements and manage all accounts on the Bank of India app.

* Transfer funds quickly with IMPS, NEFT, and RTGS, and utilize the “Favourite” feature on the Boi mobile app.

* Locate ATMs, manage cheques, and access various banking services.


Pros

Efficient navigation for transfers and management, User-friendly interface with easy account access, Streamlined process for adding “Favourites.”


Cons

Interface might be challenging for new users to navigate, Lacks advanced features compared to some competitors, Occasional transaction delays and app crashes reported.



10. Punjab National Bank PNB ONE App

PNB ONE is the official mobile banking app from Punjab National Bank.


Features

* Gain quick access to all your accounts through an interactive interface by downloading the PNB One app.

* Invest in term deposits and mutual funds, all within the PNB One app.

* Track cheque status, request stop payments, and manage cheques conveniently.


Pros

Access value-added services like PAN/Aadhaar registration, Manage existing credit/debit cards, Enjoy the app in English, Hindi, and other languages.


Cons

 Features might be limited for non-PNB customers, May be complex for new users to navigate, App crashes and slow processing times reported.


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Canara Bank staff commits suicide in Fazilka, Case Filed against Bank Manager

 


Following the untimely death of a local man named Inderjeet Singh, who had been employed by Canara Bank's Fazilka branch for the last seven to eight years, a bank manager has been charged with aiding and abetting suicide.

When Seema Rani, Inderjeet's wife and a Gandhi Nagar resident, filed a complaint with the Fazilka City Police, the incident became public knowledge. She claims that after being repeatedly humiliated by the bank manager, her husband committed himself on January 4.


Read More - Bank of India(BOI) Employee commits Suicide in Hyderabad Due to Work Pressure


According to Seema Rani's statement, Inderjeet told her about the alleged harassment. According to reports, he informed her that the manager had been disparaging him in front of other employees for a number of days. She alleged that the constant humiliation pushed him to consume a poisonous substance that ultimately claimed his life.


Acting on the complaint, the police have registered a case against the bank manager under Section 306 of the Indian Penal Code (IPC), which pertains to abetment of suicide. SHO Lekh Raj of the City Police Station confirmed that an investigation is underway to determine the exact circumstances leading to Inderjeet’s death.


Inderjeet Singh’s grieving family has called for strict action against the accused manager and demanded justice for their loss. Meanwhile, the police continue to probe the matter to ascertain whether workplace harassment played a role in this tragic incident.


The case underscores the importance of addressing workplace stress and ensuring a supportive and respectful environment to prevent such devastating outcomes.


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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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