Canara Bank on Monday reported 12.25% year-on-year growth in net profit for the third quarter ended December 31, 2024 at ₹4,104 crore.
During Q3, the bank’s operating profit grew 15.15% to ₹ 7,837 crore. Its domestic deposit stood at ₹12,57,426 crore, a 7.76% year-on-year increase. Domestic advances (gross) stood at ₹9,87,591 crore, growing at 9.55%. Its global business stood at ₹24,19,171 crore, grew by 9.30%; global deposits stood at ₹ 13,69,465 crore, grew by 8.44% and gross advances stood at ₹10,49,706 crore, grew by 10.45%.
RAM (Retail, Agriculture, and MSME) segment credit increased by 12.32% y-o-y to ₹5,95,789 crore in the third quarter. Retail lending increased to ₹2,08,116 crore. a 35.46% y-o-y growth and housing loan portfolio increased by 12.26% to ₹1,03,053 crore.
According to K. Satyanarayana Raju, Managing Director & CEO, the bank achieved targets in priority sector at 44.33% and agricultural credit at 21.04% of ANBC as at December 2024, as against the norm of 40% and 18% respectively.
Credit to small and marginal farmers stood at 14.35% of ANBC, against the norm of 10.00%; credit to weaker sections stood at 20.43%, against the norm of 12.00%; credit to micro enterprises stood at 10.23%, against the norm of 7.50% and credit to non-corporate farmers stood at 17.12% of ANBC, against the norm of 13.78%, he said, addressing a media conference.
On asset quality, Mr. Raju said, gross non-performing assets (GNPA) ratio improved to 3.34% as of December 2024 from 4.39% in December 2023. Net non-performing assets (NNPA) ratio too improved to 0.89% in the quarter as against 1.32% as of December 2023.
The quarter saw gross NPA at 3.34%, an improvement by 105 bps and net NPA at 0.89%, improved by 43 bps.
Published – January 27, 2025 07:54 pm IST
I am a passionate digital marketer, content writer, and blogger. With years of experience in crafting compelling content and driving digital strategies. I’m always exploring new trends, optimizing strategies, and creating content that resonates with audiences. When I’m not working, you’ll find me diving into the latest digital marketing insights or experimenting with new blogging ideas.