Canara Bank Q3 Results: Profit rises 12% YoY to Rs 4,104 cr, but NII falls 3%

Canara Bank on Monday reported 12% year-on-year (YoY) growth in its net profit for the quarter ended December 31, 2024, at Rs 4,104 crore, but the net interest income fell 3% YoY to Rs 9,149 crore.

The pre-provision operating profit during the reporting period jumped 15% YoY to Rs 7,837 crore against Rs 6,805 crore in the year-ago period.

Provisions for the third quarter rose 26% YoY to Rs 2,398 crore.


Fee base income during the October-December 2024 period stood at Rs 2,185 crore, up 23%.

On the asset quality front, the gross non-performing assets (GNPA) ratio improved to 3.34% as of December 2024, down from 3.73% as of September 2024 and 4.39% as of December 2023.

Net NPA ratio, too, declined to 0.89% in the December 2024 quarter, down from 0.99% in the September 2024 quarter and 1.32% in the December 2023 quarter.

The provision coverage ratio (PCR) for the reporting quarter stood at 91.26% at the end of the December quarter as against 90.89% as of September 2024 and 89.01% as of December 2023.

Canara Bank Business update

Global business increased 9% YoY to Rs 24.19 lakh crore in the third quarter, while global deposits increased 8% YoY to Rs 13.69 lakh crore. Global advances, on the other hand, rose 10% YoY to Rs 10.49 lakh crore.

Domestic deposits of the bank stood at Rs 12.57 lakh crore in the December 2024 quarter with a growth of 8% YoY. Domestic advances of the bank jumped nearly 10% YoY to Rs 9.87 lakh crore.

Retail credit during the reporting period grew 35.46% with housing loan growth at 12.26% and vehicle loan at 17.26%.

Following the results, Canara Bank shares slipped over 3% in Monday afternoon trade.