Canara Bank advanced 6.8% to Rs 236.35 after the public sector bank posted a 115.8% jump in standalone net profit to Rs 1,502 crore in Q3 FY22 from Rs 696 crore posted in Q3 FY21.
The bank's total income stood at Rs 21,312.27 crore in Q3 FY22 as compared to Rs 21,365.39 crore in Q3 FY21. Operating profit before provisions and contingencies rose 10.1% year on year to Rs 5802.52 crore in Q3 FY22. Meanwhile, profit before tax zoomed 108% to Rs 2,202.7 crore in Q3 FY22 over Q3 FY21.The bank's net interest income grew 14.1% year on year to Rs 6,946 crore in Q3 FY22. Net interest margin stood at 2.83% in quarter ended December 2021 as compared to 2.8% in quarter ended December 2020. Meanwhile, total non-interest income declined 15.3% year on year to Rs 3,612 crore in Q3 FY22.
Total Provisions and Contingencies fell 35.5% to Rs 2,946 crore in Q3 FY22 from Rs 4,572 crore in Q3 FY21. Provision coverage ratio (PCR) stood at 83.26% as of 31 December 2021 improved from 82.44% on 30 September 2021.
On the asset quality front, gross non-performing assets aggregated to Rs 56,893 crore as at 31 December 2021 as against Rs 57,853 crore as at 30 September 2021 and Rs 49,789 crore as at 31 December 2020. The gross NPA ratio was 7.8% as at 31 December 2021 as against 8.42% as at 30 September 2021 and 7.46% as at 31 December 2020. The net NPA ratio was 2.64% as at 31 December 2021 as against 3.21% as at 30 September 2021 and 2.86% as at 31 December 2020. Meanwhile, the bank's slippage ratio was 0.43% as of December 2021 as compared to 0.07% in the same period last year.
CASA Deposits increased by 10.28% year on year to Rs 342,035 crore as of 31 December 2021. CASA ratio came at 34.6% in December 2021 as against 33.41% in December 2020.
Canara Bank is a Bengaluru-based public sector bank. As per directive from Ministry of Finance, GOI for amalgamation of Syndicate Bank (SB) into Canara Bank the merger has become effective from 1 April 2020. Currently, Canara Bank is the third-largest PSB as on 31 December 2021, GOI is the majority shareholder holding 62.93% stake in the bank followed by LIC of India holding 8.83% as on 31 December 2021.
As on 31 December 2021, the bank has 9773 Number of Branches, out of which 3036 are Rural, 2777 SemiUrban, 1975 Urban & 1985 Metro along with 10832 ATMs.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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