Canara Bank Q2 results, Net Profit up by 11.31% YoY, shares rises above 2%

State-owned lender Canara Bank has announced the September-Quarter results for FY24-25, where Net Profit stood at Rs 4,014 cr and grew by 11.31%. Global Business increased by 9.42% (y.o.y) to Rs 2359344 cr as of September 2024 with Global Deposits at Rs 1347347 cr 9.34% (y.o.y) and Global Advance (gross) at Rs 1011997 cr 9.53% (y.o.y).

The shares of the Public Lender have been boosted by 2.49%, post the financial outperformance.

Domestic Deposits of the Bank stood at Rs 1238713 Cr as of September 2024 with a growth of 8.34% YoY. Domestic Advances (gross) of the Bank stood at Rs 954149 Cr as of September 2024 and grew by 8.64% YoY.

In terms of asset quality, Gross Non-Performing Assets (GNPA) ratio improved to 3.73% as of September 2024 reduced from 4.14% as of June 2024, to 4.76% as of September 2023. Net Non-Performing Assets (NNPA) ratio improved to 0.99% as of September 2024 reduced from 1.24% as of June 2024, to 1.41% as of September 2023.

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

The Bank’s CRAR stood at 16.57% as of September 2024 (16.38% as of June 2024). Out of which Tier-I is 14.64% (14.37% as of June 2024), CET1 is 12.00% (12.05% as of June 2024) and Tier-II is 1.93% (2.01% as of June 2024).