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Canara Bank reported a significant increase in net profits for the third quarter of FY23, which were up 92 per cent year -on- year (YoY) to ₹2,882 crore from ₹1,502 crore in the third quarter of FY22.
The bank’s net interest income during the Q3 FY23 grew by 23.81 per cent to ₹8,600 crore from ₹6,945 crore in the same quarter last year.
During Q3, its global business grew by 13.63 per cent YoY to ₹20,14,443 crore and its global deposits stood at ₹11,63,470 crore, up by 11.51 per cent YoY. Gross global advances increased by 16.65 per cent to ₹8,50,973 crore. Meanwhile, the domestic deposit of the bank stood at ₹10,79,700 crore in Q3, an increase of 9.21 per cent YoY. Its gross domestic advances saw an increase of 14.11 per cent YoY to ₹8,00,907 crore.
Also read: Canara Bank transfers entire 40% shareholding in Russian JV to SBI
The gross non-performing assets (GNPA) ratio fell to 5.89 per cent in December 2022 from 6.37 per cent in September 2022 and 7.80 per cent in December 2021. The net non-performing assets (NNPA) ratio was 1.96 per cent in December 2022, down from 2.19 per cent in September 2022 and 2.86 per cent in December 2021. The provision coverage ratio (PCR) was 86.32 per cent in December 2022, up from 85.36 per cent in September 2022 and 83.26 per cent in December 21.
Advances in agriculture grew by 20.61 per cent YoY to ₹2,03,312 crore. Similarly, its housing loan portfolio increased 15.81 per cent YoY to ₹81,916 crore, while its retail lending portfolio saw an increase of 11.30 per cent to ₹1,37,007 crore in the December quarter.
Recently, the bank announced its decision to sell its stake in Commercial Indo Bank LLC (CIBL), Moscow,to the State Bank of India (SBI). According to the share sale agreement, Canara Bank will sell all of its equity shares in CIBL to SBI. The state bank will receive $14.67 million from the sale.
Also read: Paytm, Citi end tie-up for co-branded credit card ahead of Citi merger
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