2 weeks Ago
Canara Bank Q2 result: Public sector lender Canara Bank on Tuesday, October 29, reported an 11.32 per cent year-on-year (YoY) rise in standalone net profit for the September quarter of the current financial year (Q2FY25) to ₹ 4,014.53 crore.
In the corresponding quarter of the previous financial year, the company's profit stood at ₹ 3,606.14 crore. The bank's total income for the quarter rose 10.
32 per cent to ₹ 34,721.07 crore from ₹ 31,472.18 crore in the same period last year.
The bank earned an interest of ₹ 29,740.07 crore in the quarter under review, which was almost 11 per cent higher than the interest earned of ₹ 26,837.68 crore in the same quarter of the previous financial year.
The bank registered remarkable improvement on the asset quality front as the gross NPA (GNPA) ratio improved by 103 bps during the quarter, coming at 3.73 per cent. The net NPA ratio stood at 0.
99 per cent, improving by 42 bps from 1.41 per cent as of the September 2023 quarter. According to the bank's exchange filing, its provision coverage ratio (PCR) improved by 216 bps to 90.
89 per cent for the quarter, while slippage ratio, at 1 per cent, improved by 32 bps. The bank's global business increased by 9.42 per cent YoY to ₹ 23,59,344 crore by the end of September 2024.
Domestic deposits of the bank grew 8.34 per cent YoY to ₹ 12,38,713 crore in the quarter under review. On the other hand, gross domestic advances stood at ₹ 9,54,149 crore, up 8.
64 per cent YoY. (More to come).
