Canara Bank logs 43% growth in Q2 PAT at Rs 3,606 cr

Public sector mortgage lender Canara Bank on Thursday said it closed the second quarter of FY24 with a 42.81 per cent growth in its net profit.

In a regulatory filing, Canara Bank said for the quarter that ended September 30, it had earned a total interest income of Rs.26,837.68 crore (Q2FY23 Rs 20,106.92 crore) and a net profit of Rs 3,606.14 crore (Rs 2,525.47 crore).

During the period under review, the bank had earned Rs 4,634.50 crore (Rs 4,825.27 crore) as other income taking the total income to Rs 31,472.18 crore (Rs 24,932.19 crore).

Canara Bank grew its total business during Q2 to Rs 21,56,181 crore (deposits Rs 12,32,215 crore, advances Rs 9,23,966 crore) logging a growth of 10.12 per cent over previous year corresponding period.

As on September 30, Canara Bank’s gross non performing assets (GNPA) and net NPA stood at Rs 43,955.59 crore (Rs 52,485.14 crore) and Rs 12,554 crore (Rs 17,286.13 crore), respectively.

The capital adequacy ratio stood at 16.20 per cent as at September 2023.