Canara Bank Reports 25% Growth in Profits

Public sector lender Canara Bank has reported a consolidated net profit of ₹5,254 crore for the quarter ended December, marking a 25 percent increase compared to ₹4,214 crore recorded during the corresponding quarter of the previous financial year. On a standalone basis, the bank’s net profit rose from ₹4,104 crore to ₹5,155 crore, the bank said.

Announcing the financial results, Canara Bank In-Charge CEO and Managing Director Hardeep Singh Ahluwalia stated that during the review quarter, the bank’s net interest income grew by 1.13 percent to ₹4,104 crore. He added that the bank’s overall global business increased by 13.23 percent to ₹27,13,594 crore during the same period. Global deposits registered a 12.95 percent growth to ₹15,21,268 crore, while domestic deposits rose by 11.10 percent to ₹13,97,045 crore. The bank’s retail loan portfolio expanded by 31.37 percent to ₹2,73,395 crore, with the housing loan segment growing by 17.58 percent to ₹1,21,172 crore, he said.

On the asset quality front, gross non-performing assets (GNPA) declined from 2.35 percent to 2.08 percent, while net NPAs reduced from 0.54 percent to 0.45 percent, according to the bank. As of the end of December, Canara Bank operated 10,066 branches and 7,048 ATMs across the country. Additionally, the bank manages four overseas branches located in London, New York, Dubai and the IBU at GIFT City, Gujarat. The announcement event was attended by Executive Directors Bhavendra Kumar, Sunil Kumar Chugh and S.K. Majumdar.