Canara Bank Q3 results: Profit jumps 92% YoY to Rs 2,882 crore; NII up 24%

Public sector lender Canara Bank on Monday reported a 92% year-on-year (YoY) rise in its net profit to Rs 2,882 crore for the quarter ended December 31, 2022. The bank had reported a net profit of Rs 1,502 crore in the same quarter of the previous financial year.

Meanwhile, the net interest income (NII) of the bank for the December quarter grew by 23.81% to Rs 8,600 crore from Rs 6,945 crore in the corresponding quarter last year.

The bank's net NPAs as on December 31, 2022, declined to 1.96% against 2.19% as on September 30, 2022.

The global deposits of the bank increased by 11.51% YoY to Rs 11,63,470, whereas, domestic deposits of the bank stood at Rs 10,79,700 crore as of December 2022 with a growth of 9.21% YoY. Domestic advances (gross) of the bank stood at Rs 8,00,907 crore as of Q3FY23, which grew by 14.11% YoY.

The retail lending portfolio of the bank increased 11.30% YoY to Rs 1,37,007 crore as of Q3FY23, while the housing loan portfolio increased 15.81% YoY to Rs 81,916 crore. Agriculture advances also grew by 20.61% YoY to Rs 2,03,312 crore as of the third quarter of 2022.

The bank's provisions and contingencies declined to Rs 3,121 crore from Rs 3,636.8 crore QoQ and versus Rs 2,244.8 crore in the year ago period. Its loan growth stood at 18% (YoY). The capital adequacy ratio rose to 16.72% in the December quarter as against 16.51% QoQ and 14.80% YoY.

Following the December quarter results, shares of Canara Bank rose up to 2.4% to Rs 326.5 in Monday's trade. The stock has also risen about 78% in the last six months. In the last one year, it has also risen by nearly 56%.

As on 31st December 2022, Canara Bank had 9720 branches, out of which 3049 are rural, 2744 semi-urban, 1998 urban & 1929 metro along with 10,745 ATMs. The bank also has three overseas branches in London, New York and Dubai.