New Delhi, Jan 27 (PTI) Canara Bank on Monday reported 12.25 per cent increase in standalone net profit at Rs 4,104 crore for December quarter 2024-25 driven mainly by higher income and lower non-performing assets.
The public sector bank's net profit was Rs 3,656 crore in October-December period of last financial year.
Total income rose to Rs 36,114 crore during the third quarter of 2024-25 from Rs 32,334 crore a year ago, according to a regulatory filing by the bank.
Gross Non-Performing Assets (GNPA) ratio improved to 3.34 per cent as on December 31, 2024 from 3.73 per cent in September quarter and 4.39 per cent at the end of the year-ago period.
Net Non-Performing Assets (NNPA) ratio improved to 0.89 per cent as of December 2024 from 0.99 per cent as at September-end and 1.32 per cent in the year-ago period.
"We have given a guidance of 3.5 per cent Gross NPA. Already we are at 3.34 per cent...one more quarter is there, we may touch 3 per cent or it may go down to below 3 per cent. Our guidance is 3.5 per cent and we have already achieved that," said MD and CEO of Canara Bank, K Satyanarayana Raju while announcing the financial result.
Provision Coverage Ratio of the bank stood at 91.26 per cent as at December-end 2024 against 90.89 per cent in the previous quarter and 89.01 per cent as on December 31, 2023.
According to the filing, the bank's net interest income declined 2.85 per cent year-on-year in December quarter to Rs 9,149 crore.
Canara Bank also said it has achieved targets in priority sector lending at 44.33 per cent and agricultural credit at 21.04 per cent of Adjusted Net Bank Credit (ANBC) as at December-end 2024, against the norm of 40 per cent and 18 per cent, respectively.
The bank also informed that its global business increased 9.30 per cent (y-o-y) to Rs 24.19 lakh crore as at December-end 2024, global deposits increased by 8.44 per cent (y-o-y) to Rs 13.69 lakh crore and global advance (gross) increased by 10.45 per cent to Rs 10.49 lakh crore.
Domestic deposit of the bank stood at Rs 12.57 lakh crore as of December 2024 with a growth of 7.76 per cent year-on-year. Domestic advances (gross) stood at Rs 9.87 lakh crore, a growth of 9.55 per cent annually.
Capital Adequacy Ratio (CRAR) stood at 16.44 per cent as at December-end 2024.
As of December quarter 2024, the bank had 9,816 branches, out of which 3,129 were rural, 2,887 semi-urban, 1,938 urban and 1,862 metro along with 9,715 ATMs.
The bank also has 4 overseas branches in London, New York, Dubai and IBU Gift City.