Q1FY24 Quarterly Result Announced for Canara Bank
Canara Bank announced Q1FY24 results: Global Business stood at Rs 20,80,141 crore, grew by 9.38%. Gross Advances stood at Rs 8,87,671 crore, grew by 13.27%. Net Profit for Q1FY24 stood at Rs 3,535 crore against Net Profit of Rs 2,022 crore for Q1FY23 Operating Profit stood at Rs 7,604 crore, which grew by 15.11%. Net Interest Income stood at Rs 8,666 crore, which grew by 27.72%. Net Interest Margin stood at 3.05% improved by 27 bps. Cost to Income Ratio was down by 115 bps and stood at 43.61%. RAM credit grew by 12.89% to Rs 4,91,475 crore, it constitutes 55% of Total Advances. Retail credit grew by 10.64% with Housing loans at 13.64%. Gold Loan grew by 29.37% With a Portfolio Amount of Rs 1,29,800 crore. Gross NPA Ratio stood at 5.15%, down by 183 bps. Net NPA Ratio stood at 1.57%, down by 91 bps. Provision Coverage Ratio (PCR) at 88.04% improved by 353 bps. CRAR stood at 16.24% as of June 2023. Out of which CET1 is 11.50%. Return on Assets improved to 0.99% for Q1FY24 against 0.65% for Q1FY23. Return on Equity improved to 22.95% for Q1FY24 against 16.33% for Q1FY23 As of 30.06.2023, the Bank has 9,653 Branches, out of which 3,049 are in Rural, 2,723 are in Semi Urban,1,970 are in Urban & 1,911 are in Metro along with 10,683 ATMs. Bank is also having 3 Overseas Branches in London, New York, and Dubai. Result PDF24-07-2023
