Canara Bank Reports 21.69% Rise in Q1 Net Profit, Asset Quality Improves
Canara Bank's Q1 net profit rose 21.69% to ₹4,752.00 crore. Operating profit increased 12.32% to ₹8,554.00 crore, while total income grew 11.88% to ₹38,063.00 crore. Asset quality improved with GNPA ratio declining to 2.69% and NNPA ratio to 0.63%. Global business expanded 10.98% to ₹25,63,984.00 crore. The bank's digital transactions increased to 273.98 crore. Separately, the Enforcement Directorate alleged Anil Ambani defrauded Canara Bank of ₹1,000.00 crores.

*this image is generated using AI for illustrative purposes only.
Canara Bank , one of India's leading public sector banks, has reported a robust financial performance for the first quarter. The bank's net profit surged by 21.69% year-on-year to ₹4,752.00 crore for the quarter ended June 30, up from ₹3,905.00 crore in the same period last year.
Key Financial Highlights
- Operating profit increased by 12.32% to ₹8,554.00 crore, compared to ₹7,616.00 crore in the previous year's quarter.
- Total income rose by 11.88% to ₹38,063.00 crore, driven by growth in both interest and non-interest income.
- Net Interest Income (NII) slightly decreased by 1.71% to ₹9,009.00 crore.
- Non-interest income saw a significant jump of 32.73% to ₹7,060.00 crore.
Asset Quality Improvement
The bank's asset quality showed notable improvement:
- Gross Non-Performing Assets (GNPA) ratio declined to 2.69% as of June 30, from 4.14% a year ago.
- Net Non-Performing Assets (NNPA) ratio improved to 0.63%, down from 1.24% in the previous year.
- Provision Coverage Ratio (PCR) strengthened to 93.17%, up by 395 basis points year-on-year.
Business Growth
Canara Bank witnessed substantial growth in its business segments:
- Global business increased by 10.98% year-on-year to ₹25,63,984.00 crore.
- Global deposits grew by 9.92% to ₹14,67,655.00 crore.
- Global advances rose by 12.42% to ₹10,96,329.00 crore.
- Retail credit saw a significant surge of 33.92% to ₹2,35,418.00 crore.
Other Key Metrics
Metric | Value | Change |
---|---|---|
Return on Assets (RoA) | 1.14% | Up by 9 basis points year-on-year |
Capital Adequacy Ratio | 16.52% | - |
Common Equity Tier 1 (CET-1) ratio | 12.29% | - |
Earnings per share (EPS) | ₹21.01 | Up by 21.66% from the previous year |
Digital Banking and Network Expansion
The bank continued to focus on digital initiatives and network expansion:
- Digital transactions increased to 273.98 crore, up from 207.68 crore in the previous year.
- The bank's network comprised 9,861 branches and 7,907 ATMs as of June 30.
Canara Bank's strong performance in Q1 reflects its resilience and strategic focus on growth and asset quality improvement. The significant rise in net profit, coupled with the reduction in NPAs, positions the bank well for sustained growth in the coming quarters.
Enforcement Directorate Allegations
In a separate development, the Enforcement Directorate has alleged that Anil Ambani defrauded Canara Bank of ₹1,000.00 crores. This allegation involves significant financial misconduct affecting the bank. However, it's important to note that these are allegations at this stage, and further details are awaited as the investigation progresses.
The bank's management has not yet commented on this matter, and it remains to be seen how this development might impact the bank's operations and reputation going forward.
Historical Stock Returns for Canara Bank
1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
---|---|---|---|---|---|
-2.42% | -3.22% | +0.05% | +20.48% | -1.01% | +455.47% |