https://indianmasterminds.com

ADVERTISEMENT
ADVERTISEMENT

Canara Bank’s Net Profit Jumps 11% in Q2 as NPAs Decline and Business Expands

Canara Bank reports 11% profit growth in Q2, with net profit reaching ₹4,015 crore and significant improvements in asset quality and capital adequacy
Indian Masterminds Stories

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.


Indian Masterminds Stories
ADVERTISEMENT
Related Stories
ADVERTISEMENT
NEWS
UPSC Image IAS IPS IFS
UPSC CSE-2024 Results Out: Top 2 Places Bagged By Girls, Shakti Dubey AIR 1, Check Details Here
Nuclear Power Corporation of India Limited (NPCIL)
Bhuwan Chandra Pathak to Continue as Director (Finance) at NPCIL - Know More About him
coal-India limited
Coal India Signs MoU with DVC to Set Up ₹16,500 Crore Ultra Supercritical Power Plant in Jharkhand
delhi-government-resized
Delhi Government Revises Office Timings as Pollution Levels Drop
indian-forest-service IFS Officers
Court Denies Anticipatory Bail to Former IFS Officer in SRLM Scam
psuwatch_import_wp-content_uploads_2022_02_RBI-recruitment-2019
Minors Above 10 Can Now Open and Operate Bank Accounts Independently: RBI
Inter caste marriage promotion scheme
Inter-Caste Marriage Promotion Scheme: Financial Aid of Rs 2.5 Lakh Granted to Two Couples
KVIC Khadi and Village Industries
Khadi and Village Industries Achieve Historic Growth, Sales Cross ₹1.70 Lakh Crore in 2024-25
ADVERTISEMENT
Videos
Dr Lokesh M IAS
E-Rickshaw Chaos, Waterlogging, Traffic Mess — Can Noida Fix Its Daily Chaos? | Exclusive with Dr Lokesh M, IAS
IRS Padmapani Bora UPSC
IRS Padmapani Bora’s 16-Year-Long Journey in Governance
WhatsApp Image 2025-04-13 at 1.46
This Collector Finds Happiness In Squeaks Of Children With Hearing Impairment Who Start Hearing After Surgery
UPSC Stories
images (14)
Utsav Anand, the UPSC Topper Who Chose Public Service Over a Plush Career
From IIT Bombay to the 2022 IAS batch (Haryana cadre), Utsav Anand’s journey is proof that sharp minds...
pushplata-yadav-ias
How IAS Pushp Lata’s Strategy and Spirit Took Her to AIR 80
From rural Haryana to IAS, Pushp Lata Yadav’s journey reflects focused planning, adaptation, and the...
IRS Padmapani Bora UPSC
IRS Padmapani Bora’s 16-Year-Long Journey in Governance
IRS officer Padmapani Bora's 16-year career transcends typical bureaucracy. Discover his surprising journey...
Social Media
GozJlgrXYAAHoKv
Murals for Cleanliness: Thoothukudi District Launches Art-Inspired Sanitation Drive in Panchayats
Local artists add colour and messages to village walls, promoting hygiene and community pride
Himanshu Nagpal IAS
Varanasi's Beggar Rehabilitation Initiative Recognised by UIDAI, CDO Himanshu Nagpal Shares the News
Mr. Himanshu Nagpal is a 2019-batch IAS officer
IAS Vaishali Chopra
Young IAS Vaishali Chopra Takes a Stand Against Caste Bias During Field Training in Uttar Pradesh
While the issue itself may seem small, the post is resonating widely online for its honest reflection...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Latest
UPSC Image IAS IPS IFS
UPSC CSE-2024 Results Out: Top 2 Places Bagged By Girls, Shakti Dubey AIR 1, Check Details Here
Nuclear Power Corporation of India Limited (NPCIL)
Bhuwan Chandra Pathak to Continue as Director (Finance) at NPCIL - Know More About him
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Videos
Dr Lokesh M IAS
IRS Padmapani Bora UPSC
WhatsApp Image 2025-04-13 at 1.46
ADVERTISEMENT
ADVERTISEMENT