Canara Bank reported a 12 per cent year-on-year (YoY) increase in net profit for the quarter ending December 31, 2024, reaching ₹4,104 crore. However, its net interest income declined by 3 per cent YoY to ₹9,149 crore.
The public sector lender reported a Net Interest Income (NII) of ₹9,149 crore for the third quarter, marking a 3 per cent decrease compared to ₹9,417 crore in the same quarter of the previous financial year.
Meanwhile, the pre-provision operating profit surged by 15 per cent YoY to ₹7,837 crore, compared to ₹6,805 crore in the same quarter last year.
The bank’s total income increased by 11.7 per cent to ₹36,114 crore in the October-December quarter of FY25, compared to ₹32,334 crore in the same period last year, as per a regulatory filing with the stock exchanges.
The Gross Non-Performing Assets (GNPA) ratio improved to 3.34 per cent as of December 2024, down from 4.39 per cent in December 2023. Similarly, the Net Non-Performing Assets (NNPA) ratio decreased to 0.89 per cent as of December 2024, compared to 1.32 per cent a year earlier.
The provision coverage ratio (PCR) for the reporting quarter was 91.26 per cent at the end of December, compared to 90.89 per cent at the end of September 2024 and 89.01 per cent in December 2023.
Global Business
In the third quarter, global business grew 9 per cent year-on-year to ₹24.19 lakh crore, while global deposits increased 8 per cent YoY to ₹13.69 lakh crore. Meanwhile, global advances rose 10 per cent YoY, reaching ₹10.49 lakh crore.
The bank’s domestic deposits were ₹12.57 lakh crore in the December 2024 quarter, reflecting 8 per cent YoY growth. Domestic advances saw a nearly 10 per cent YoY increase, climbing to ₹9.87 lakh crore.
Retail credit expanded by 35.46 per cent during the period, with housing loans growing 12.26 per cent and vehicle loans rising 17.26 per cent.
Following the announcement of these results, Canara Bank’s shares declined by over 3 per cent during Monday afternoon trading.
