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Canara Bank posts net profit of Rs 2,557 crore in FY21, NII up 19%

For January-March quarter, the bank's net profit stood at Rs 1,010 crore as against a net loss of Rs 6,567 crore in the year-ago quarter.

twitter-logoBusinessToday.In | May 18, 2021 | Updated 15:42 IST
Canara Bank posts net profit of Rs 2,557 crore in FY21, NII up 19%
Canara Bank's net interest income rose 18.57 per cent to Rs 24,062 crore in FY21.

Canara Bank on Tuesday reported a net profit of Rs 2,557 crore for fiscal year 2020-21 as against a net loss of Rs 5,838 crore in FY2020.

The bank's net interest income (NII) rose 18.57 per cent year-on-year to Rs 24,062 crore in FY21, while non-interest income grew 40.75 per cent to Rs 15,285 crore. Current and saving account (CASA) deposits rose 13.95 per cent to Rs 3,30,656 crore.

Retail loans rose 12.14 per cent to Rs 1,15,312 crore at the end of March quarter.

For January-March quarter, the bank's net profit stood at Rs 1,010 crore as against a net loss of Rs 6,567 crore in the year-ago quarter. NII rose 9.87 per cent to Rs 5,589 crore during the quarter under review.

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In terms of asset quality, Canara Bank's gross non-performing assets (NPA) stood at Rs 60,288 crore as of March 31, while net NPA were at Rs 24,442 crore. In percentage terms, gross NPA fell 46 basis points to 9.93 per cent of total advances, while net NPA declined 52 basis points to 3.82 per cent.

The bank's total provision declined 6.52 per cent to Rs 17,452 crore, while provision coverage ratio was at 79.68 per cent.

Canara Bank said it has achieved targets in priority sector at 44.11 per cent and agricultural credit at 18.56 per cent as of March 2021, as against the mandatory target of 40 per cent and 18 per cent, respectively.

Shares of Canara Bank were trading 4.43 per cent lower at Rs 146.80 on the BSE in the afternoon trade on Tuesday.

Also read: RBI under pressure from BFSI industry to defer new auditors' norms for a year

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