Global Business of the bank increased by 10.12% y/y to ?21.56 Trillion
FinTech BizNews Service
Mumbai, 27 October, 2023: Canara Bank has declared its financial results for the period/quarter ended 30th September 2023.
Key Highlights: (September 2023 V/s September 2022)
Canara Bank’s global business stood at ?21,56,181 Cr, grew by 10.12% (yoy). Its gross advances stood at ?9,23,966 Cr, grew by 12.11% (yoy). Net Profit of the bank for September 2023 stood at ?3,606 Cr under the leadership of K. Satyanarayana Raju, Managing Director & CEO, against Net Profit of ?2,525 Cr for September 2022 and Operating Profit at ?7,616 Cr, grew by 10.30% (yoy). Net Interest Income of the bank stood at ?8,903 Cr, grew by 19.76%. Net Interest Margin stood at 3.02% improved by 19 bps. Cost to Income Ratio down by 53 bps and stood at 43.68%.
RAM Credit grew by 13.63% to ?5,16,949 Cr, it constitutes 56% of total advances. Retail credit grew by 10.56% with housing loan growth at 12.32%.
Education loan grew by 14.68% y-o-y & vehicle loan by 9.29% y-o-y.
NPA ratio
Gross NPA ratio stood at 4.76%, down by 161 bps. Net NPA Ratio stood at 1.41%, down by 78 bps. Provision Coverage Ratio (PCR) at 88.73% improved by 337 bps. CRAR stood at 16.20% as at September 2023, out of which CET is 11.58%. Return on Assets improved to 1.01% for Q2FY24 against 0.71% for Q2FY23. Return on Equity improved to 22.51% for Q2FY24 against 17.37% for Q2FY23.
Key Summary of Business Performance (as on 30.09.2023)
Global Business increased by 10.12% (yoy) to ?21,56,181 Cr as at September 2023 with Global Deposits at ?12,32,215 Cr 8.66% (y.o.y) and Global Advance (gross) at ?9,23,966 Cr 12.11% (yoy). Domestic deposit of the bank stood at ?11,43,394 Cr as at September 2023 with growth of 8.22% (yoy). Domestic Advances(gross) of the Bank stood at ?8,78,256 Cr as at September 2023 grew by 12.59% (yoy).
Retail lending Portfolio increased to ?1,48,209 Cr, 10.56% (yoy) as at September 2023. Housing loan portfolio increased by 12.32% (yoy) to ?88,564 Cr. Advances to agriculture grew by 20.54% (y.o.y) to ?2,36,953 Cr as at September 2023.
Asset Quality
Gross Non-Performing Assets (GNPA) ratio stood at 4.76% as at September 2023 as against 5.15% as at June 2023, 6.37% as at September 2022. Net Non-Performing Assets (NNPA) ratio stood at 1.41% as at September 2023 as against 1.57% as at June 2023, 2.19% as at September 2022. Provision Coverage Ratio (PCR) improved to 88.73% as at September 2023 from 85.36% as at September 2022.
Capital Adequacy
CRAR stood at 16.20% as at September 2023. Out of which CET1 is 11.58%, Tier-I is 13.60% and Tier-II is 2.60%.
Priority Sector & Financial Inclusion
The Bank has achieved targets in priority sector at 45.51% and agricultural credit at 21.39% of ANBC as at September 2023, as against the norm of 40% and 18% respectively. Credit to small and marginal farmers stood at 15.13% of ANBC, against the norm of 10%. Credit to weaker sections stood at 21.51% of ANBC, against the norm of 12%.
Network
As on 30.09.2023, the bank has 9518 number of domestic branches, out of which 3059 are rural,2717 semi urban,1895 urban & 1847 metro along with 10553 ATMs. Bank is also having 4 International Branches in London, New York, Dubai and Gift City (Gandhinagar).