State-owned Canara Bank reported an 11% increase in its net profit, reaching ₹4,015 crore for the second quarter ending in September 2024, compared to ₹3,606 crore in the same period last year. The Bengaluru-based bank’s interest income rose to ₹29,740 crore from ₹26,838 crore year-on-year.
The bank’s asset quality improved significantly, with gross Non-Performing Assets (NPAs) dropping to 3.73% from 4.76% a year earlier. Net NPAs also decreased to 0.99% from 1.41%. The Provision Coverage Ratio (PCR) reached 90.89% in September 2024, up from 88.73% in September 2023. The Capital Adequacy Ratio also rose to 16.57% from 16.20% the previous year.
Canara Bank’s consolidated profit increased to ₹4,188 crore from ₹3,798 crore in Q2 FY24. Managing Director and CEO K. Satyanarayana Raju announced a 9.42% growth in global business, totaling ₹23.59 lakh crore, with deposits at ₹13.47 lakh crore and advances at ₹10.11 lakh crore.
Raju mentioned that approval from the finance ministry for the Initial Public Offering (IPO) of Canara Robeco Asset Management Company (AMC) is expected soon, with plans to offload a 13% stake. The bank operates 9,658 branches, including four overseas, and nearly 9,881 ATMs.