Canara Bank's Q2 net profit climbs 43% to Rs. 3,606cr
Canara Bank posted a net profit of Rs. 3,606 crore in the second quarter of FY24, reflecting a 43% surge compared to the same timeframe last year. The bank's net interest income (NII) also experienced a 19% boost, reaching Rs. 8,903 crore. This impressive growth can be credited to the bank's enhanced asset quality, as gross non-performing assets (NPA) dropped to 4.76% from 6.37% in the previous year, and net NPA improved to 1.41% from 2.19%.
Deposit and domestic advances have seen a rise
The deposit base of Canara Bank expanded by 8.22% to Rs. 11.43 lakh crore, while domestic advances rose by 12.59% to Rs. 8.78 lakh crore. The bank's retail, agriculture, and micro, small and medium enterprises (RAM) credit saw a 13.63% increase to Rs. 5.16 lakh crore, making up 56% of total advances. Retail credit grew by 10.56%, with housing loan growth at 12.32%, education loan growth at 14.68%, and vehicle loan growth at 9.29%.
Significant growth observed in retail portfolio and advances in agriculture
Canara Bank's retail portfolio climbed by 10.56% to Rs. 1.48 lakh crore, with the housing loan segment expanding by 12.32% to Rs. 88,564 crore. Advances in agriculture experienced a notable growth of 20.54%, reaching Rs. 2.36 lakh crore. As of October 26, Canara Bank's stock traded at Rs. 355.70 on BSE, an increase of 0.61%. The bank's Q2 results demonstrate a robust performance, highlighting improved asset quality and growth across various sectors.
