Canara Bank on Thursday posted a net profit of Rs 3,905 crore in the first quarter, up about 10% from Rs 3,534 crore in the same quarter of last year.
Net interest income (NII) during the reporting quarter increased 6% year-on-year (YoY) to Rs 9,166 crore against Rs 8,666 crore in the last year period.
Operating profit (before provisions and contingencies) was flat at Rs 7,616 crore in the June quarter, compared with Rs 7,606 crore in the same quarter of last year.
Provisions for the reporting quarter fell 16% YoY to Rs 2,282 crore, of which provisions for the non-performing assets declined 10% YoY.
The non-interest income for the first quarter rose 10% YoY to Rs 5,319 crore against Rs 4,819 crore in the corresponding quarter of the previous year.
Net interest margins, meanwhile, declined to 2.9% in the April-June 2024 period from 3.05% in the last year period and 3.05% in the preceding March quarter.
On the asset quality front, gross non-performing assets (NPAs) fell to 4.14% in the first quarter, compared with 5.15% in the first quarter of last year and 4.23% in the March 2024 quarter.
Net NPAs too declined to 1.24% in the reporting period against 1.27% in the March quarter and 1.57% in the year-ago quarter.
The capital adequacy ratio stood at 16.38% at the end of the June quarter, out of which Tier-I is 14.37%. Provision coverage ratio (PCR) was at 89.22% as of June 2024, against 89.1% as of March 2024 and 88.04% as of June 2023.
Domestic deposits of the bank increased 11% YoY to Rs 12.31 lakh crore, while domestic advances jumped 9% YoY to Rs 9.2 lakh crore.
On Thursday, Canara Bank stock was up about 0.48% at Rs 113 on NSE.
