Canara Bank advanced 1.82% to Rs 324.70 after the public sector bank reported a standalone net profit of Rs 2,882 crore in Q3 FY23, which is higher by 91.88% as compared with the same period last year.
The bank's net profit in Q3 FY22 was Rs 1,502 crore.
Total income rose by 23.01% YoY during the quarter to Rs 26,217 crore. Net interest income increased by 23.81% to Rs 8,600 crore in Q3 FY23 from Rs 6,946 crore in Q3 FY22. Net interest margin in Q3 FY23 was 3.05% as against 2.83% in Q3 FY22. Operating profit of the bank in the third quarter was Rs 6,952 crore, up 19.80% YoY.
Provisions amounted to Rs 4,070 crore in Q3 FY23, higher by 38.15% as compared with Rs 2,946 crore in Q3 FY22. Of this, provisions for NPAs were Rs 1,920 crore, down 29.02% YoY.
On the asset quality front, Gross NPAs amounted to Rs 50,143 crore as of 31 December 2022 as against Rs 56,893 crore as on 31 December 2021 and Rs 52,485 crore as on 30 September 2022.
Gross NPA ratio was 5.89% as of 31 December 2022 as against 7.80% as on 31 December 2021 and 6.37% as on 30 September 2022
Net NPA ratio was 1.96% as of 31 December 2022 as against 2.86% as on 31 December 2021 and 2.19% as on 30 September 2022.
Provision Coverage Ratio (PCR) stood at 86.32% as of 31 December 2022 as against 83.26% as of 31 December 2021 and 85.36% as of 30 September 2022.
Domestic deposits of the bank stood at Rs 10,79,700 crore as of 31 December 2022, recording a growth of 9.21% YoY. Domestic advances (gross) of the bank stood at Rs 8,00,907 crore as of 31 December 2022, up by 14.11% YoY.
CRAR stood at 16.72% as at 31 December 2022 as against 16.51% as of 30 September 2022. Out of total CRAR, Tier-I was 13.68%, CET1 was 11.45% and Tier-II was 3.04%.
Canara Bank is a public sector bank. As on 31 December 2022, the bank has 9,720 bank branches, out of which 3049 are rural, 2744 semi-urban, 1,998 urban & 1,929 metro along with 10,745 ATMs. The bank is also having 3 overseas branches in London, New York and Dubai.
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