Canara Bank Q1 PAT rises 10% YoY to Rs 3,905 cr | Capital Market News

Last updated: July 25, 2024 | 16:31 IST

The public lender reported a 10.47% rise in net profit at Rs 3,905.28 crore on 14.07% rise in total income at Rs 34,020.23 crore in Q1 FY25 as compared to Q1 FY24.

Net interest income rose 5.77% to Rs 9,166 crore in Q1 FY25 as compared to Rs 8,666 crore recorded in Q1 FY24. Net interest margin declined to 2.90% during the quarter as compared to 3.05% recorded in the same quarter last year.

Operating profit increased marginally to Rs 7,616 crore in Q1 FY25 as compared to Rs 7,604 crore reported in Q1 FY24. Operating margin declined to 22.39% in Q1 FY25 from 25.50% reported in Q1 FY24.

Provisions stood at Rs 3,711 crore in Q1 FY25, down 8.80 per cent from Rs 4,069 crore recorded in Q1 FY24.

In terms of asset quality, the gross non-performing assets (NPA) ratio declined to 4.14% as of June 30, 2024, from 5.15% as of June 30, 2023.

Net NPA ratio declined to 1.24% in Q1 FY25 as compared to 1.57% recorded in Q1 FY24.

The reserve coverage ratio (PCR) improved to 89.22% in Q1 FY2025 as compared to 88.04% recorded in Q1 FY2024.

The bank’s domestic deposits stood at Rs 12,31,184 crore as on June 30, 2024, up 11.47% YoY. Domestic advances (gross) rose 9.17% YoY to Rs 9,20,334 crore as on June 30, 2024.

Banks’ deposits under CASA scheme increased by 4.66 per cent to Rs 3,81,448 crore as on June 30, 2024 as against Rs 3,64,464 crore reported as on June 30, 2023.

The bank’s global business as on June 30, 2024, stood at Rs 23,10,350 crore, up 11.07 per cent year-on-year.

As of June 30, 2024, the CRAR ratio was 16.38%. Of this, 14.37% was attributable to core capital, 12.05% to core capital, and 2.01% to core capital.

The bank’s return on assets increased to 1.05% in Q1 FY2025 compared to 0.99% in Q1 FY2024.

Canara Bank is an Indian public sector bank. As of June 30, 2024, the bank had 9,623 branches, of which 3,106 were rural, 2,760 were semi-urban, 1,914 were urban and 1,843 were metropolitan branches, along with 10,014 ATMs. The bank also has 4 overseas branches in London, New York, Dubai and Gift City.

The securities fell 0.44% to Rs 112 on the BSE.

Powered by Capital Market Live News

Disclaimer: No Business Standard journalist was involved in the creation of this content

First published: July 25, 2024 | 15:28 IST