Money & Banking

Canara Bank profit rises 4% to ₹330 crore

Our Bureau Bengaluru | Updated on January 24, 2020

Bengaluru-based Canara Bank expects deposits and advances to grow more than 10 per cent and 13 per cent, respectively, during the current fiscal. The bank’s net profit for the third quarter is up 3.81 per cent to ₹330 crore and operating profit is down 0.97 per cent to ₹2334 crore.

RA Sankara Narayanan, Managing Director and Chief Executive Officer of the bank, in a release, said the bank’s credit growth is expected to be driven by retail, agriculture and MSME loans coupled with quality corporate loans. CASA is estimated to cross ₹2 lakh crore.

Containing slippages

On slippages, the CMD said, “It will be contained further and the asset quality shall be improved. The net interest margin (NIM), return on equity (RoE) and return on assets (RoA) shall be augmented further.”

Gross NPA is down from 10.25 per cent to 8.36 per cent and net NPA is also down from 6.37 per cent to 5.05 per cent.

The bank’s total business is up 5.19 per cent to ₹10,63,450 crore, gross deposits have risen 8.64 per cent to ₹6,25,240 crore and gross advances are up by 0.64 per cent to ₹4,38,210 crore.

Published on January 24, 2020

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