Canara Bank's net profit for Q1FY24 surged by 74.8% to ₹3,534.8 crore compared to the same quarter last year.
The bank's net interest income (NII) witnessed an impressive 27.7% increase, reaching ₹8,665.7 crore in Q1FY24.
Pre-provision operating profit (PPOP) rose to ₹7,604.02 crore, indicating a YoY growth of 15.1%.
Credit cost declined to 1.10% in Q1FY24, showcasing prudent risk management by the bank.
Provisions for Q1FY24 decreased to ₹2,718.93 crore, reflecting improving asset quality and risk management practices.
Canara Bank's Gross Non-Performing Assets (NPA) ratio declined to 5.15% in Q1FY24 from 5.35% in the previous quarter.
Net NPA ratio fell to 1.57% sequentially in Q1FY24 from 1.73% in the previous quarter.
Gross NPA in Q1FY24 eased by 0.9% to ₹45,727.4 crore, while Net NPA fell by 6.2% to ₹13,461.4 crore, quarter on quarter.
Canara Bank's Capital Adequacy Ratio in Q1FY24 was at 16.24%, and its total domestic deposits increased to ₹11,04,506 crore.
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