Canara Bank announced on Monday that its standalone net profit for the third quarter, which ended on December 31, 2024, increased by 12.25 percent to Rs 4,104.20 crore. In the previous year's October–December quarter, the bank made a net profit of Rs 3,656.12 crore.
According to a regulatory statement by Canara Bank, the bank's overall revenue climbed 11.7 percent to Rs 36,113.77 crore in the third quarter of the current fiscal year from Rs 32,333.93 crore in the same time last year. The bank's interest income increased from Rs 28,038.83 crore during the same time last fiscal year to Rs 30,311.61 crore during the quarter.
In comparison to the same quarter in FY24, when it was Rs 9,417 crore, the bank's Net Interest Income (NII) decreased 2.85% to Rs 9,148.57 crore. By the end of December 2023, the gross non-performing asset (NPA) had decreased to 3.34 percent of total advances from 4.39 percent.
In a same vein, the net non-performing asset (NPA) decreased somewhat to 0.89 percent from 1.32 percent at the end of December 2023. Nevertheless, compared to Rs 1,028 crore in the same quarter of the prior fiscal year, provisions and contingencies for the third quarter of FY25 increased to Rs 2,156 crore.
Compared to Rs 1,898.91 crore in the same period of the prior fiscal year, the provisions and contingencies for the third quarter of FY25 increased to Rs 2,398.25 crore.
Good performance
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