State-owned Canara Bank reported a net profit of ₹4,014 crore for the third quarter ending December 31, reflecting a growth of 12.25 per cent year-on-year (YoY).
The operating profit was ₹7,837 crore, up by 15.15 per cent on a YoY basis. Global deposits were ₹13,69,465 crore, up by 8.44 per cent, while gross advances reached ₹10,49,706 crore growing by 10.45 per cent.
The bank’s global business reached ₹24,19,171 crore, reflecting a YoY growth rate of 9.30 per cent. Domestic deposits for the quarter amounted to ₹12,57,426 crore, marking a 7.76 per cent YoY increase. Domestic gross advances stood at ₹9,87,591 crore as of December 2024, showing a YoY growth of 9.55 per cent.
On the lending front, RAM (Retail, Agriculture, and MSME) credit grew by 12.32 per cent to ₹ 5,95,789 crore. Credit to retail saw an increase of 35.46 per cent YoY with housing loan growth at 12.26 per cent and vehicle loan at 17.26 per cent.
The bank has noted that it has achieved its targets in priority sector at 44.33 per cent and agricultural credit at 21.04 per cent of ANBC as at December 2024, as against the norm of 40 per cent and 18 per cent respectively.
The shares of Canara Bank closed at Rs 91.85, down by 5.06 per cent on the BSE.