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Canara Bank Reports Strong Q4 Performance with 18.4% Rise in Net Profit

Canara Bank Reports

Canara Bank has announced strong financial results for the fourth quarter of the fiscal year 2023-24, showing an impressive 18.4 percent surge in net profit. The bank’s net profit reached Rs 3,757.23 crore, marking a substantial rise from the same period last year.

Regarding asset quality, Canara Bank experienced a notable decrease in its gross Non-Performing Asset (NPA) ratio, which improved to 4.23 percent compared to the previous quarter. Similarly, the net NPA ratio was recorded at 1.27 percent, indicating a commendable reduction and highlighting the bank’s efforts to mitigate credit risk.

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Despite a slight increase in fresh slippages during the quarter, Canara Bank maintained a strong Provision Coverage Ratio (PCR) of 89.10 percent, demonstrating a prudent approach to provisioning for potential credit losses.

Canara Bank also demonstrated strength in its lending activities, with significant growth in net interest income (NII) and net interest margins (NIM). The bank’s NII reached Rs 9,580 crore, marking an 11.18 percent increase from the previous year, while the NIM remained healthy at 3.07 percent, showcasing effective management of interest income and expenses.

In terms of deposits and advances, Canara Bank saw substantial growth in its global business, with double-digit increases in both deposits and advances annually. Additionally, the bank’s domestic deposit and advance portfolios experienced robust growth, further solidifying its position in the market.