The PSU lender reported 21.8% jump in net profit to Rs 444.41 crore on 44.1% rise in total income to Rs 20,836.71 crore in Q2 September 2020 over Q2 September 2019.
Profit before tax in the second quarter stood at Rs 622.95 crore, up by 23% from Rs 506.64 crore recorded in the same period last year. Provision for taxes rose by 26% to Rs 178.54 crore in Q2 September 2020 from Rs 141.72 crore in Q2 September 2019.
Net interest income jumped 29.31% to Rs 6,296 crore in Q2 September 2020 from Rs 4,869 crore in Q2 September 2019.
The bank's provisions and contingencies increased by 97.1% to Rs 4,016.81 crore in Q2 FY21 from Rs 2,037.97 crore in Q2 FY20. Of this, provisions for non-performing assets rose by 53.9% to Rs 3,532.81 crore in Q2 FY21 over Q2 FY20.
As on 30 September 2020, the bank's provision coverage stood at 81.48% compared with 69.60% as at 30 September 2019 and 78.95% as at 30 June 2020.
Gross non-performing assets (NPAs) stood at Rs 53,437.92 crore as on 30 September 2020 as against Rs 57,525.52 crore as on 30 June 2020 and Rs 38,711.33 crore as on 30 September 2019.
The ratio of gross NPAs to gross advances stood at 8.23% as on 30 September 2020 as against 8.84% as on 30 June 2020 and 8.68% as on 30 September 2019.
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The ratio of net NPAs to net advances stood at 3.42% as on 30 September 2020 as against 3.95% as on 30 June 2020 and 5.15% as on 30 September 2019.
Total deposits have risen by 55.7% to Rs 9,48,767.14 crore in Q2 FY21 from Rs 6,09,436.48 in Q2 FY20. Advances at the end of the September 2020 quarter increased by 43.6% to Rs 6,16,301.70 crore as compared to Rs 4,29,318.58 crore at the end of September 2019 quarter.
CASA deposits increased by 14.47% year-on-year (YoY) to Rs 2,98,529 crore in the second quarter.
Canara Bank is a state-owned commercial bank. The Government of India held 78.55% stake in the bank as of 30 September 2020.
The bank has 10495 number of branches, 3076 rural, 3178 semi- urban, 2102 urban & 2139 metro along with 13023 ATMs as on 30 September 2020.
The scrip gained 0.47% to currently trade at Rs 86 on the BSE. On a year-to-date (YTD) basis, the stock has declined by 61.18% while the benchmark S&P BSE Sensex lost 3.92% during the same period.
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