Canara Bank Q1 results, Net Profit up by 10.47% YoY

Public Sector Lender Canara Bank has announced the financial quarterly results of ending 30th June, 2024 where Net Profit stood at Rs. 3,905 cr grew by 10.47% and the Global Business stood at Rs. 23,10,350 cr grew by 11.07%.

The Bank’s Global Deposit stood at Rs. 13,35,167 cr grew by 11.97% and the Gross Advances stood at Rs. 9,75,183 cr grew by 9.86%, in terms of business growth.

In respect to Capital Adequacy, CRAR stood at 16.38% as at June 2024 (16.28% as at Mar 2024). Out of which Tier-I is 14.37% (13.95% as at Mar 2024), CET1 is 12.05% (11.58% as of Mar 2024) and Tier-II is 2.01% (2.33% as at Mar 2024).

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With respect to asset quality, Gross Non-Performing Assets (GNPA) ratio reduced to 4.14% as at June 2024 down from 4.23% as at Mar 2024, and 5.15% as of June 2023. The Net Non-Performing Assets (NNPA) ratio reduced to 1.24% as at June 2024 down from 1.27% as at Mar 2024, and 1.57% as at June 2023.

Provision Coverage Ratio (PCR) stood at 89.22% as of June 2024 against 89.10% as of Mar 2024, and 88.04% as of June 2023.

Additionally, the Bank has achieved Targets in Priority Sector at 44.95% and Agricultural Credit at 22.02% of ANBC as of June 2024, as against the norm of 40% and 18% respectively.

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