Canara Bank's Profit Surge: Strong Q3 Performance

Canara Bank reported a significant 12.25% increase in net profit for Q3 2024-25, reaching Rs 4,104 crore. The surge is attributed to higher income and improved asset quality. The bank also met its targets in priority sector lending and saw substantial growth in global business and deposits.

On Monday, Canara Bank announced a robust 12.25% rise in its standalone net profit for the December quarter of the financial year 2024-25, amounting to Rs 4,104 crore. This uptick in profits is largely driven by an increase in total income and a reduction in non-performing assets, according to their latest filing.

Compared to the Rs 3,656 crore profit recorded in the same period last year, total income soared to Rs 36,114 crore for Q3 2024-25, up from Rs 32,334 crore a year ago. The Gross Non-Performing Assets (GNPA) ratio improved significantly to 3.34% as of December 31, 2024, marking an improvement from previous quarters.

The bank's MD and CEO, K Satyanarayana Raju, expressed confidence in further reducing the GNPA ratio. The bank also achieved its priority sector lending and agricultural credit targets, while reporting strong growth in both domestic and global business metrics.

(With inputs from agencies.)