Signals, Powered By EquityPandit
Canara Bank‘s reported a net profit for the July-September quarter of the current fiscal year at Rs. 300 crores, inclining by 15.38 per cent year-on-year, on the back of a healthy 17.89 per cent year-on-year growth in the net interest rate.
According to the bank’s regulatory filing, the total revenue in the said quarter increased by 5.7 per cent year-on-year to Rs 12679 crores. The gross Non-Performing Asset (NPA) decreased to 10.56 per cent as against 11.05 per cent in the previous quarter and Net NPA improved 6.54 per cent as compared to previous quarter which stood at 6.91 per cent.
P V Bharathi, Executive Director of Canara Bank said that the global business of the bank surged 12.49 per cent to reach Rs 961 crores, with specific thrust on domestic business which registered 18 per cent growth year-on-year to reach Rs 912 crores.
As per Bharathi, global deposits improved by 11.18 per cent, while domestic deposits growth was higher at 15.95 per cent. The Provision Coverage Ratio has improved to 61.39 per cent from 54.75 per cent in the previous year.
M V Rao, Canara Bank Executive Director, in a press conference said, “Our business and advances have gone up. Advances have gone up 14.31 per cent on a global basis. Definitely, the growth in business has contributed to increases in our revenue.”
