Canara Bank Q2FY23 PAT up 106% at Rs2,706 crore on higher interest yields on loans and investments

25 Oct 2022 , 12:52 AM

Canara Bank Ltd reported 14.6% growth in total revenues for the September 2022 quarter on consolidated basis at Rs27,538cr.

Revenue growth was 15.25% in sequential terms. Higher rates and good transmission saw Canara Bank realizing better yields on its investments and its loans given out.

While revenues from treasury fell and insurance revenues were flat, the bank saw growth in revenues in the retail banking and the corporate banking segments.

Retail banking saw operating profits grow by nearly 160% in Q2FY23.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 105.84% at Rs2,706cr on the back of higher yields on loans and on investments.

Gross NPAs fell from 8.44% to 6.37% yoy while the net NPAs were down from 3.21% to 2.19%.

PAT margins were up at 9.89% in the Sep-22 quarter compared to 5.51% in the Sep-21 quarter and a relatively healthier 9.18% in June 2022 quarter.

Capital adequacy ratio was comfortable at 16.58% while the Tier1 Capital ratio stood at 11.23%; both well above the statutory requirement.

Financial highlights for Sep-22 compared yoy and sequentially

	Canara Bank
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 27,358	₹ 23,876	14.59%	₹ 23,739	15.25%
Net Profit (Rs cr)	₹ 2,706	₹ 1,314	105.84%	₹ 2,180	24.12%
Diluted EPS (Rs)	₹ 14.91	₹ 7.66		₹ 12.02
Net Margins	9.89%	5.51%		9.18%