Canara Bank Profit Surges Amidst Strategic Growth Plans

Canara Bank has reported a net profit increase of 11% to Rs 4,015 crore in Q2 2024, compared to Rs 3,606 crore a year ago. The bank's total income rose to Rs 34,721 crore. Asset quality improved significantly, with gross NPAs declining to 3.73%. Plans for Canara Robeco AMC's IPO are underway.

In a significant financial disclosure, state-owned Canara Bank announced an impressive 11% rise in net profit, reaching Rs 4,015 crore for the second quarter ending September 2024, compared to Rs 3,606 crore in the previous year.

The Bengaluru-based bank also reported a noteworthy increase in total income, climbing to Rs 34,721 crore for the quarter under review, up from Rs 31,472 crore in the same period last year. Improved asset quality was highlighted with gross non-performing assets declining to 3.73%.

During a post-earnings conference, Canara Bank's Managing Director, K Satyanarayana Raju, shared insights on the bank's future trajectory, including plans to list Canara Robeco Asset Management Company via an IPO, pending imminent approval from the finance ministry.

(With inputs from agencies.)