Canara Bank Q3 results: Net profit rises 27% to ₹3,656 crore, NII up 9.5% YoY; asset quality improves

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₹3,656 crore for the third quarter of FY24, registering a growth of 26.87% from ₹2,881.5 crore in the same period last year. The bank’s Net Interest Income (NII) during the December quarter rose 9.5% to ₹9,417 crore from ₹8,600 crore, YoY. Net interest margin (NIM) was improved by 9 bps to 3.02%, but was flat sequentially.

The bank’s loan growth in Q3FY24 stood at 12.6% YoY. Asset quality of Canara Bank improved sequentially during the quarter ended December 2023. Its Gross Non-Performing Assets (GNPA) fell 5.1% to ₹41,722 crore from ₹43.955.6 crore, while Net-Non Performing Assets (NNPA) dropped 3% to ₹12,176 crore from ₹12,554 crore, QoQ.

Slippages increased to ₹3,176 crore as against ₹2,987 crore, QoQ. Also Read: Axis Bank Q3 results: Net profit rises 4% YoY, here are 5 key highlights Gross NPA ratio declined 37 bps to 4.39% from 4.76% in the September quarter, while Net NPA ratio decreased by 9 bps to 1.32% from 1.41%, QoQ. The bank’s provisions in Q3FY24 dropped to ₹1,899 crore from ₹2,609 crore in the September quarter and from ₹3,124 crore, due to lower writeback of the provision in standard assets.

Provision Coverage Ratio (PCR) improved to 89.01% as at December 2023 from 86.32% as at December 2022. Gross Non-Performing Assets (GNPA) ratio stood at 4.39% as at December 2023 as against 4.76% at September 2023, 5.89% as at December 2022. Net Non-Performing Assets (NNPA) ratio stood at 1.32% as at December 2023 as against 1.41% as at September 2023, 1.96% as at December 2022.