Public sector Canara Bank's net profit in the second quarter increased by 11 percent to Rs 4,015 crore. Canara Bank's total income increased to Rs 34,721 crore during the quarter ending September 2024, compared to Rs 31,472 crore in the same quarter last year. According to PTI news, state-owned Canara Bank on Tuesday said that the bank had made a net profit of Rs 3,606 crore in the same quarter a year ago.
Net NPA of the bank
According to the news, the Bengaluru-based lender reported interest income of Rs 29,740 crore during the quarter, up from Rs 26,838 crore in the same period a year ago. On the asset quality front, the bank saw improvement and gross non-performing assets (NPAs) came down to 3.73 per cent of gross loans by the end of September 2024 from 4.76 per cent a year ago. Similarly, net NPA or bad loans declined to 0.99 per cent from 1.41 per cent at the end of the second quarter of the last financial year. The provision coverage ratio (PCR) increased to 90.89 per cent by September 2024 as against 89.22 per cent by June 2024 and 88.73 per cent by September 2023.
global business of the bank
The bank's capital adequacy ratio also increased to 16.57 percent from 16.20 percent at the end of the second quarter of last year. On a consolidated basis, the bank's profit increased to Rs 4,188 crore from Rs 3,798 crore in Q2FY24. Talking about the quarterly figures, Canara Bank MD and CEO K. Satyanarayana Raju said the bank's global business grew by 9.42 per cent to Rs 23,59,344 crore by September 2024, with total deposits at Rs 13,47,347 crore, up 9.34 per cent, and total advances at Rs 10,11,997 crore, which is This is 9.53 percent more than the same period last year.
AMC's IPO expected to get approval soon
Raju further said that approval from the Finance Ministry for the initial public offering (IPO) of Canara Robeco Asset Management Company (AMC) is expected soon. Raju said during the post-earnings call that the RFP process for Canara Robeco AMC IPO has been completed. The deadline for IPO will remain the same. The approval of the Department of Financial Services is expected within a fortnight. Canara Bank holds 51 percent stake in the mutual fund. Its plan is to sell 13 percent stake through IPO.
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