Canara Bank's Profit Surge Amid Improved Asset Quality

Canara Bank reported a 12.25% increase in standalone net profit, reaching Rs 4,104 crore for Q3 of FY25. With total income up by 11.7% to Rs 36,114 crore, its GNPA ratio improved significantly to 3.34%, and NNPA ratio decreased to 0.89%, marking better asset quality.

State-owned Canara Bank announced a notable growth of 12.25% in its standalone net profit, reaching Rs 4,104 crore for the quarter ending December 2024. This uptick came in comparison to the Rs 3,656 crore profit recorded during the same period in the previous year.

The financial institution's total income similarly experienced an upward trend, rising by 11.7% to Rs 36,114 crore for the October-December quarter of FY25, as disclosed in a regulatory filing made to the stock exchanges. This increase from Rs 32,334 crore in the prior year highlights the bank's expanding revenue streams.

In parallel, Canara Bank reported a substantial improvement in asset quality. The Gross Non-Performing Assets (GNPA) ratio dropped to 3.34% as of December 2024, from 4.39% a year earlier, while the Net Non-Performing Assets (NNPA) ratio fell to 0.89% from 1.32%, underscoring effective management of lending portfolios.

(With inputs from agencies.)