BENGALURU: Canara Bank reported a net profit of Rs 3,606 crore for the second quarter of the financial year 2023-2024 (July-September), witnessing a profit of 42.81% from the year-ago period. In the same period the previous year, the bank had recorded Rs 2,525.5 crore.
On Thursday, the bank announced that its Net Interest Income (NII) stood at Rs 8,903 crore and the Net Interest Margin stood at 3.02% reflecting a growth of 19 basis points. Retail credit grew by 10.56% with housing loan growth at 12.32% and education loan grew by 14.68% year-over-year and vehicle loan by 9.29%.
Also, the gross Non- Performing Assets (NPA) ratio stood at 4.76 per cent, down by 161 basis point and the Provision Coverage Ratio (PCR) stood at 88.73% leading to an improvement of 337 basis points.
The global business increased by 10.12% (y.o.y) to Rs 21,56,181 crore as on September 2023 with the global deposits at Rs 12,32,215 crore and global advance (gross) at Rs 9,23,966 crore. The domestic deposit of the bank stood at Rs 11,43,394 crore as of September 2023 with a growth of 8.22% (y.o.y), according to the second quarter results.