The public lender reported 10.47% rise in net profit to Rs 3,905.28 crore on 14.07% increase in total income to Rs 34,020.23 crore in Q1 FY25 over Q1 FY24.
Net interest income grew by 5.77% to Rs 9,166 crore in Q1 FY25 as against Rs 8,666 crore posted in Q1 FY24. Net interest margin declined to 2.90% during the quarter as compared to 3.05% recorded in the corresponding quarter last year.
Operating profit rose marginally to Rs 7,616 crore in Q1 FY25 as compared to Rs 7,604 crore recorded in Q1 FY24. Operating margin reduced to 22.39% in Q1 FY25 from 25.50% registered in Q1 FY24.
Provisions amounted to Rs 3,711 crore in Q1 FY25, down 8.80% from Rs 4,069 crore posted in Q1 FY24.
On the asset quality front, gross non-performing assets (NPAs) ratio declined to 4.14% as on 30 June 2024 as against 5.15% as on 30 June 2023.
Net NPA ratio reduced to 1.24% in Q1 FY25 as against to 1.57% recorded in Q1 FY24.
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Provision coverage ratio (PCR) improved to 89.22% in Q1 FY25 as against 88.04% reported in Q1 FY24.
Domestic deposits of the bank stood at Rs 12,31,184 crore as on 30 June 2024, up 11.47% YoY. Domestic advances (gross) grew by 9.17% YoY to Rs 9,20,334 crore as of 30 June 2024.
The banks CASA deposits rose 4.66% to Rs 3,81,448 crore as on 30 June 2024 as compared to Rs 3,64,464 reported as on 30 June 2023.
The bank's global business stood at Rs 23,10,350 crore as on 30 june 2024, registering a growth of 11.07% YoY.
CRAR stood at 16.38% as at 30 June 2024. Out of which tier-I is 14.37%, CET1 is 12.05% and tier-II is 2.01%.
The bank's return on assets improved to 1.05% for Q1 FY25 against 0.99% for Q1 FY24.
Canara Bank is an Indian public sector bank. As on 30 June 2024, the bank has 9,623 numbers of branches, out of which 3,106 are rural, 2,760 semiurban, 1,914 urban & 1,843 metro along with 10,014 ATMs. The bank is also having 4 overseas branches in London, New York, Dubai and Gift City.
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