The state-run bank's net profit surged 199.86% to Rs 1,332.61 crore on 2.59% increase in total income to Rs 21,331.49 crore in Q2 September 2021 over Q2 September 2020.
The bank's profit before tax (PBT) jumped 260.13% to Rs 2,243.41 crore in Q2 September 2021 over Q2 September 2020.
The bank's provisions and contingencies (excluding tax provisions) fell 15.45% to Rs 3360.23 crore in Q2 September 2021 over Q2 September 2020.
The bank's gross non-performing assets (NPAs) stood at Rs 57853.09 crore as on 30 September 2021 as against Rs 58215.46 crore as on 30 June 2021 and Rs 53437.92 crore as on 30 September 2020.
The ratio of gross NPAs to gross advances stood at 8.42% as on 30 September 2021 as against 8.50% as on 30 June 2021 and 8.23% as on 30 September 2020.
The ratio of net NPAs to net advances stood at 3.21% as on 30 September 2021 as against 3.46% as on 30 June 2021 and 3.42% as on 30 September 2020.
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Provision Coverage Ratio (PCR) stood at 82.44% as at Sep 2021 against 81.18% as at June2021.
During the quarter, operating profit stood at Rs 5604 crore, rising 21.91% year-on-year (y.o.y). Treasury income grew by 95.10%. Non-interest income grew by 37.54%. Fee based income grew by 20.02%.
The bank's global business increased by 7.61% (y.o.y) to Rs 1719350 crore as at September 2021 with global deposits at Rs 1032536 crore 8.83% (y.o.y) and global advance (gross) at Rs 686813 crore 5.83% (y.o.y).
Domestic deposit of the bank stood at Rs 980337 crore as at September 2021 with growth of 7.61% (y.o.y). CASA deposits increased by 12.04% while savings bank deposits grew by 12.17%.
Domestic advances (gross) of the bank stood at Rs 662991 crore as at September 2021 grew by 5.71% (y.o.y). The bank's retail credit grew by 10.46% with housing loan at 14.21%. Vehicle loan portfolio increased 8.38% y.o.y and advances to agriculture grew by 13.92% (y.o.y).
As of 30 September 2021, the bank had restructured loans worth Rs 2018.26 crore under the Reserve Bank of India's first Covid window announced on 6 August 2020. Of these, Rs 29.28 crore worth of loans slipped into the non-performing category. Majority of the loans restructured under the first window belonged to personal loans.
As on 30 September 2021, Canara Bank has 9800 branches, out of which 3037 are rural, 2796 semi-urban, 1971 urban & 1996 metro along with 10988 ATMs. The Government of India held 62.93% in the bank.
Meanwhile, the state-owned bank on Monday said it has issued and allotted Basel-III compliant additional tier I bonds amounting to Rs 1,500 crore. The non-convertible, perpetual, taxable, subordinated bonds bear a coupon of 8.40%, it said.
Shares of Canara Bank were down 4.11% at Rs 193.65. The stock hit a high of Rs 207.45 and a low of Rs 193 so far during the day.
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