Canara Bank’s Q3 net profit rises 12 per cent to Rs 4,104 crore

New Delhi:  Canara Bank on Monday reported a 12 per cent increase in its net profit to Rs 4,104 crore for the October-December quarter of the current financial year compared to the corresponding figure of Rs 3,656.12 crore during the same quarter of 2023-24.

However, while the bank’s interest income rose to Rs 30,311.61 crore from Rs 28,038.83 crore a year earlier, its Net Interest Income (NII), which measures the difference between interest earned and interest expended, dipped by 2.85 per cent to Rs 9,148.57 crore from Rs 9,417 crore in Q3 FY24, according to a regulatory filing by the bank.

The pre-provision operating profit during the reporting period jumped 15 per cent to Rs 7,837 crore in the third quarter from Rs 6,805 crore in the same period last year.

Canara Bank’s provisions for the third quarter jumped by as much as 26 per cent to Rs 2,398 crore compared to the same quarter of the previous year.

Fee base income during the October-December 2024 period stood at Rs 2,185 crore, which represents a 23 per cent increase year-on-year.

The bank registered an improvement in its asset quality with the gross non-performing assets (GNPA) ratio declining to 3.34 per cent of total advances as of December 2024, from 3.73 per cent in September 2024 and 4.39 per cent as of December 2023.

There was a fall in the Net NPA ratio as well to 0.89 per cent in the October-December quarter, from 0.99 per cent in the July-September 2024 quarter and 1.32 per cent in the third quarter of the previous financial year.

The provision coverage ratio (PCR) for the reporting quarter stood at 91.26 per cent at the end of the December quarter as against 90.89 per cent as of September 2024 and 89.01 per cent as of December 2023.

Canara Bank also reported a 9 per cent increase in its global business to Rs 24.19 lakh crore in the third quarter compared to the same quarter of the previous year. The global deposits of the bank also shot up by 8 per cent during the quarter.

–IANS