Canara Bank Q1 results: Net profit up 71.79% to Rs 2,022 cr

Canara Bank announced its first quarter results for FY2022-23. The lender stated that its net profit went up by 71.79 per cent to Rs 2,022 crore, as against Rs 1,177 crore in the same period previous year. Its operating profits grew by 20.53 per cent to Rs 6,606 crore.

Its global business grew by 11.45 per cent year-on-year to Rs 19,01,776 crore, while global deposits grew 9.42 per cent at Rs 11,18,122 crore, said Canara Bank. Non-interest income grew by 24.55 per cent, while fee-based income grew by 17.95 per cent.

Domestic deposits grew 8.49 per cent on-year to Rs 10,52,907 crore in June 2022, while gross domestic advances grew 13.14 per cent on-year to Rs 7,48,140 crore.

When it comes to the lending portfolio, retail grew 11,56 per cent year-on-year to Rs 1,28,615 crore, while the house loan portfolio grew 16.03 per cent year-on-year to Rs 75,578 crore. Advances in agriculture grew 18.42 per cent to Rs 1,85,680 crore.

Gross non-performing assets (GNPA) ratio was at 6.98 per cent in June as against 7.51 per cent in March. In June 2021, it was as high as 8.50 per cent. Net non-performing assets (NNPA) ratio was at 2.48 per cent as against March’s 2.65 per cent, and June 2021’s 3.46 per cent.

Provision Coverage Ratio (PCR) improved to 84.51 per cent in June from 81.18 per cent in the same period previous year, it said.

Canara Bank has 9,732 domestic branches, out of which 3,041 are in rural areas, 2,751 in semi-urban areas, 1,997 in urban areas, and 1,943 in metros along with 10,802 ATMs. The lender also has three overseas branches in London, Dubai and New York.

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