Canara Bank Q3 PAT up 121.02% at Rs1,657.06cr on lower loan loss provisions and improved NIMs

28 Jan 2022 , 04:40 PM

Canara Bank Ltd reported -6.29% fall yoy in total revenues for the Dec-21 quarter on consolidated basis at Rs22,844cr. On a sequential basis, the revenues were lower for the quarter by -4.32%.

During the quarter, there was a sharp increase in revenues in retail banking. However, revenues were lower yoy for treasury, corporate banking and insurance.

Operating losses of the corporate banking operations widened sharply in the quarter. Net interest income NII was up 14.11% while CASA deposits increased by 10.28%.

The consolidated Profit after tax (PAT) for the Dec-21 quarter was up 121.02% at Rs1,657.06cr on the back of better NIIs and lower provisions in the quarter.

For the Dec-21 quarter, provisions for loan losses were lower by 57% at Rs2,246cr compared to Rs4,213cr in the Dec-20 quarter. Fee income for the first nine months grew by 21.54%. Gross NPAs at 7.8% were lower by 62 bps yoy basis.  

Net margins expanded from 3.08% in the Dec-20 quarter to 7.25% in the Dec-21 quarter. Net margins were also higher sequentially.

Financial highlights for Dec-21 compared yoy and sequentially

	Canara Bank
Rs in Crore	Dec-21	Dec-20	YOY	Sep-21	QOQ
Total Income (Rs cr)	₹ 22,843.51	₹ 24,376.16	-6.29%	₹ 23,876.00	-4.32%
Net Profit (Rs cr)	₹ 1,657.06	₹ 749.73	121.02%	₹ 1,314.41	26.07%
Diluted EPS (Rs)	₹ 9.13	₹ 5.01		₹ 7.66
Net Margins	7.25%	3.08%		5.51%