Canara Bank Q3 results: Net profit surges 12% to ₹4,104 crore

Canara Bank on Monday reported 12.25% increase in standalone net profit at ₹4,104 crore for December quarter 2024-25 driven mainly by higher income and lower non-performing assets.

The public sector bank's net profit was ₹3,656 crore in October-December period of last financial year.

Total income rose to ₹36,114 crore during the third quarter of 2024-25 from ₹32,334 crore a year ago, according to a regulatory filing by the bank.

Gross Non-Performing Assets (GNPA) ratio improved to 3.34% as on December 31, 2024 from 3.73% in September quarter and 4.39% at the end of the year-ago period.

Net Non-Performing Assets (NNPA) ratio improved to 0.89% as of December 2024 from 0.99% as at September-end and 1.32% in the year-ago period.

"We have given a guidance of 3.5% Gross NPA. Already we are at 3.34%...one more quarter is there, we may touch 3% or it may go down to below 3%. Our guidance is 3.5% and we have already achieved that," said MD and CEO of Canara Bank, K Satyanarayana Raju while announcing the financial result.

Provision Coverage Ratio of the bank stood at 91.26% as at December-end 2024 against 90.89% in the previous quarter and 89.01% as on December 31, 2023.

According to the filing, the bank's net interest income declined 2.85% year-on-year in December quarter to ₹9,149 crore.

Canara Bank also said it has achieved targets in priority sector lending at 44.33% and agricultural credit at 21.04% of Adjusted Net Bank Credit (ANBC) as at December-end 2024, against the norm of 40% and 18%, respectively.

The bank also informed that its global business increased 9.30% (y-o-y) to ₹24.19 lakh crore as at December-end 2024, global deposits increased by 8.44 per cent (y-o-y) to ₹13.69 lakh crore and global advance (gross) increased by 10.45% to ₹10.49 lakh crore.

Domestic deposit of the bank stood at ₹12.57 lakh crore as of December 2024 with a growth of 7.76% year-on-year. Domestic advances (gross) stood at ₹9.87 lakh crore, a growth of 9.55 per cent annually.

Capital Adequacy Ratio (CRAR) stood at 16.44% as at December-end 2024.

As of December quarter 2024, the bank had 9,816 branches, out of which 3,129 were rural, 2,887 semi-urban, 1,938 urban and 1,862 metro along with 9,715 ATMs.

The bank also has 4 overseas branches in London, New York, Dubai and IBU Gift City.