Canara Bank Q1 PAT climbs 72% YoY to Rs 2,022 crore

25 Jul 2022 , 02:01 PM

The banks operating profit before provisions and contingencies jumped 20.53% to Rs 6,606.23 crore in Q1 FY23 from Rs 5480.88 crore recorded in Q1 FY22. The banks net interest income grew 10.15% year on year to Rs 6,785 crore in Q1 FY23. Meanwhile, the non-interest income surged 24.55% year on year in Q1 FY23. Total provisions and contingencies rose 6.69% to Rs 3,690.05 crore in Q1 FY23 from Rs 3458.74 crore recorded in Q1 FY22. Provision Coverage Ratio (PCR) improved to 84.51% as of 30 June 2022 from 84.17% posted on 31 March 2022 and 81.18% reported 30 June 2021. On the asset quality front, the banks gross non-performing assets (NPAs) stood at Rs 54733.88 crore as on 30 June 2022 as against Rs 55651.58 crore as on 31 March 2022 and Rs 58215.46 crore as on 30 June 2021. The ratio of gross NPAs to gross advances stood at 6.98% as on 30 June 2022 as against 7.51% as on 31 March 2022 and 8.50% as on 30 June 2021. The ratio of net NPAs to net advances stood at 2.48% as on 30 June 2022 as compared with 2.65% as on 31 March 2022 and 3.46% as on 30 June 2021. Meanwhile, the banks slippage ratio was 0.36% as of 30 June 2022 as against 0.38% as on 31 March 2022 and 0.69% as on 30 June 2021. Domestic Deposit of the bank stood at Rs 1052907 crore as at 30 June 2022 with growth of 8.49% YoY. CASA deposits increased by 8.76% year on year (YoY) to Rs 361125 crore as of 30 June 2022. Domestic Advances (gross) of the bank stood at Rs 748,140 crore as at 30 June 2022, grew by 13.14% YoY. The banks retail lending portfolio increased by 11.56% YoY to Rs 128615 crore as at 30 June 2022 while housing loan portfolio increased 16.03% YoY to Rs 75578 crore. The banks CRAR stood at 14.91% as at 30 June 2022. Out of which Tier-I is 12.13% and Tier-II is 2.78%. Return on assets improved to 0.65% in Q1 FY23 as against 0.41% posted in Q1 FY22. Return on equity improved to 16.33% in Q1 FY23 from 11.53% reported in Q1 FY22. Global business increased by 11.45% YoY to Rs 1901776 crore as at 30 June 2022 with global deposits at Rs 1118122 crore 9.42% YoY and Global advance (gross) at Rs 783654 crore 14.47% YoY. The bank has achieved targets in priority sector at 51.32% and agricultural credit at 24.22% of adjusted net bank credit (ANBC) as at 30 June 2022, as against the norm of 40% and 18% respectively. Credit to small and marginal farmers stood at 18.20% of ANBC, against the norm of 9.50%. Credit to weaker sections stood at 24.25% of ANBC, against the norm of 11.50%. As on 30 June 2022, the bank has 9,732 domestic branches, out of which 3,041 are rural, 2,751 semiurban, 1,997 urban & 1,943 metro along with 10,802 ATMs. The bank is also having 3 overseas branches in London, Dubai and New York. Canara Bank is a public sector bank. As of 30 June 2022, the Government of India held 62.93% in the bank. Shares of Canara Bank were down 2.31% to Rs 223.70 on the BSE. Powered by Capital Market – Live News