Canara Bank has reported an 11% year-on-year increase in its consolidated net profit for the September quarter, reaching ₹4,015 crore, up from ₹3,606 crore in the same period last year. Click here to check Net Profit of all Banks in September 2024 Quarter.
Key Financial Highlights:
- Interest Income: The bank earned ₹29,740 crore in Q2 FY25, marking an 11% increase from ₹26,838 crore in Q2 FY24.
- Interest Expenses: These stood at ₹20,425 crore, a 14% rise compared to ₹17,935 crore in the previous year’s quarter.
Business Growth:
- Global Business: Reached ₹23,59,344 crore, a 9.42% year-over-year growth.
- Global Deposits: Totaled ₹13,47,347 crore, reflecting a 9.34% increase.
- Gross Advances: Recorded at ₹10,11,997 crore, a 9.53% rise from Q2 FY24.
- Retail Lending Portfolio: Grew 31.27% year-over-year, reaching ₹1,94,556 crore.
- Housing Loan Portfolio: Rose 12.3% year-over-year to ₹99,452 crore.
Asset Quality Improvement:
- Gross Non-Performing Assets (GNPA): Improved to 3.73% as of September 2024, down from 4.14% in June 2024 and 4.76% in September 2023.
- Net Non-Performing Assets (NNPA): Reduced to 0.99% from 1.24% in June 2024 and 1.41% in September 2023.
- Provision Coverage Ratio (PCR): Increased to 90.89%, compared to 89.22% in June 2024 and 88.73% in September 2023.
Capital Adequacy:
- CRAR (Capital to Risk-Weighted Assets Ratio): Improved to 16.57% in Q2 FY25, up from 16.38% in Q1 FY25.
- Tier-I Capital: Reached 14.64%, an increase from 14.37% at the end of June 2024.
- Tier-II Capital: Slightly decreased to 1.93% from 2.01% as of June 2024.
Branch and ATM Network:
As of the end of Q2 FY25, Canara Bank operates:
- 9,658 branches:
- Rural: 3,115
- Semi-urban: 2,778
- Urban: 1,918
- Metro: 1,847
- 9,881 ATMs
- 4 overseas branches in London, New York, Dubai, and IBU Gift City.
This robust financial performance highlights Canara Bank’s steady growth in revenue and improvements in asset quality and capital adequacy, strengthening its position in both domestic and international markets. Click here to check Net Profit of all Banks in September 2024 Quarter.