Canara Bank net doubles to Rs 1,502 crore
BENGALURU: Canara Bank on Thursday posted a 116% increase in its standalone net profit at Rs 1,502 crore for the third quarter ended December 31, 2021. Beating street estimates, the public sector bank’s net profit more than doubled on the back of lower provisioning. The bank had posted `696 crore net profit in the year-ago period.
The bank’s net interest income increased 14% Y-o-Y at `6,945 crore as against Rs 6,086 crore in the year-ago period. Its other income (non-interest income) was down 13% at Rs 3,612 crore compared to Rs 4,153 crore in the same quarter last year.
The Bengaluru-headquartered bank’s Gross Non-Performing Assets (GNPA) ratio reduced to 7.80% in the third quarter, down from 8.42% in the preceding quarter. Also, the bank’s Net Non-Performing Assets (NNPA) ratio reduced to 2.86% in the third quarter down from 3.21% in the preceding quarter.
The Provision Coverage Ratio (PCR) stood at 83.26% in the December quarter against 82.44% in the September quarter. Its global business was up by 8.06% Y-o-Y to Rs 17,72,856 crore in the third quarter with global deposits at Rs 10, 43,350 crore (7.23% Y-o-Y) and global advances were up about 9.28% Y-o-Y to Rs 7,29,506 crore. Domestic deposit of the bank witnessed 6.50% growth Y-o-Y at Rs 9,88,659 cr. As on Dec 31, 2021, the bank has 9,773 branches, along with 10,832 ATMs and 1,389 recyclers.