Canara Bank Reports 12.25% YoY Rise In Q3 Net Profit; Asset Quality Improves

The financial results for the third quarter and nine months ending December 31, 2024, were released by Canara Bank on Monday. According to the bank, its operating profit increased by 15.15 percent to Rs 7,837 Cr, while its net profit increased by 12.25 percent to Rs 4,104 Cr. At Rs 9,149 crore, the bank's net interest income dropped 3% year on year. As of December 2024, Canara Bank's domestic deposits stood at Rs 12,57,426 Cr, up 7.76% year on year. Meanwhile, the bank's domestic advances, which stood at Rs 9,87,591 Cr, increased 9.55% year on year. The bank's RAM credit rose to Rs 5,95,789 Cr, a 12.32% year-on-year rise.

As of December 2024, the Gross Non-Performing Assets (GNPA) ratio has improved to 3.34% from 3.73% in September 2024 and 4.39% in December 2023.

As of December 2024, Canara Bank's Net Non-Performing Assets (NNPA) ratio was 0.89%, down from 0.99% in September 2024 and 1.32% in December 2023. The Provision Coverage Ratio (PCR) was 91.26% in December 2024, compared to 90.89% in September 2024 and 89.01% in December 2023. A CRAR of 16.44% was recorded in December 2024. CET1 is at 11.97%, Tier-I at 14.55%, and Tier-II at 1.89%.

In contrast to the standard of 40% and 18%, respectively, the bank has met its targets in the Priority Sector at 44.33% and Agricultural Credit at 21.04% of ANBC as of December 2024. In addition to 9715 ATMs, the bank has 9816 branches as of December 31, 2024, of which 3129 are rural, 2887 are semi-urban, 1938 are urban, and 1862 are metro. London, New York, Dubai, and IBU Gift City are the locations of the bank's four overseas branches.