Canara Bank on Monday reported 12.25% year-on-year growth in net profit for the third quarter ended December 31, 2024 at ₹4,104 crore.
During Q3, the bank’s operating profit grew 15.15% to ₹ 7,837 crore. Its domestic deposit stood at ₹12,57,426 crore, a 7.76% year-on-year increase. Domestic advances (gross) stood at ₹9,87,591 crore, growing at 9.55%. Its global business stood at ₹24,19,171 crore, grew by 9.30%; global deposits stood at ₹ 13,69,465 crore, grew by 8.44% and gross advances stood at ₹10,49,706 crore, grew by 10.45%.
RAM (Retail, Agriculture, and MSME) segment credit increased by 12.32% y-o-y to ₹5,95,789 crore in the third quarter. Retail lending increased to ₹2,08,116 crore. a 35.46% y-o-y growth and housing loan portfolio increased by 12.26% to ₹1,03,053 crore.
According to K. Satyanarayana Raju, Managing Director & CEO, the bank achieved targets in priority sector at 44.33% and agricultural credit at 21.04% of ANBC as at December 2024, as against the norm of 40% and 18% respectively.
Credit to small and marginal farmers stood at 14.35% of ANBC, against the norm of 10.00%; credit to weaker sections stood at 20.43%, against the norm of 12.00%; credit to micro enterprises stood at 10.23%, against the norm of 7.50% and credit to non-corporate farmers stood at 17.12% of ANBC, against the norm of 13.78%, he said, addressing a media conference.
On asset quality, Mr. Raju said, gross non-performing assets (GNPA) ratio improved to 3.34% as of December 2024 from 4.39% in December 2023. Net non-performing assets (NNPA) ratio too improved to 0.89% in the quarter as against 1.32% as of December 2023.
The quarter saw gross NPA at 3.34%, an improvement by 105 bps and net NPA at 0.89%, improved by 43 bps.
Published – January 27, 2025 07:54 pm IST
