Canara Bank Q2 Results: Profit Rises 11% To Rs 4,015 Crore

State-owned Canara Bank on Tuesday reported an 11% rise in its net profit at Rs 4,015 crore in the second quarter ended September 2024. The Bengaluru-based lender had earned a net profit of Rs 3,606 crore in the same quarter in the previous financial year.

Total income increased to Rs 34,721 crore during the quarter under review against Rs 31,472 crore in the same quarter last year, Canara Bank said in a regulatory filing.

The bank reported an interest income of Rs 29,740 crore during the quarter, higher than Rs 26,838 crore in the same period a year ago.

On the asset quality front, the bank witnessed improvement with gross Non-Performing Assets declining to 3.73% of the gross loans by the end of September 2024 from 4.76% a year ago.

Similarly, net NPAs or bad loans moderated to 0.99% from 1.41% at the end of the second quarter of the previous fiscal.

The Provisioning Coverage Ratio as of Sept. 30, 2024 stood at 90.89%.

Capital Adequacy Ratio of the bank too improved to 16.57% from 16.20% at the end of the second quarter of last year. On a consolidated basis, the bank's profit increased to Rs 4,188 crore as against Rs 3,798 crore in Q2FY24.