Canara Bank's Profit Surges in Q2 2024

Canara Bank reported an 11% rise in net profit, reaching Rs 4,015 crore in Q2 2024. Total income increased to Rs 34,721 crore, with interest income escalating to Rs 29,740 crore. The bank's asset quality improved and the Provisioning Coverage Ratio stood at 90.89%.

Canara Bank, a state-owned entity based in Bengaluru, has reported an 11% rise in its net profit for the second quarter of 2024, totaling Rs 4,015 crore. This represents a significant increase from the Rs 3,606 crore recorded in the corresponding quarter of last year.

The bank's total income for the quarter reached Rs 34,721 crore, up from Rs 31,472 crore in the same period the previous year. Interest income also saw a notable rise, jumping to Rs 29,740 crore compared to Rs 26,838 crore a year earlier, as detailed in their regulatory filing.

Improvements were observed in the bank's asset quality, with gross Non-Performing Assets falling to 3.73% of gross loans by the end of September 2024 from 4.76% the previous year. Net NPAs reduced to 0.99%, and the Provisioning Coverage Ratio improved to 90.89%. The bank's Capital Adequacy Ratio also increased to 16.57%.

(With inputs from agencies.)