Home-grown Canara Bank reported a 3.8% rise in net profit to ₹329.62 crore in the third quarter ended December 31, as against ₹317.52 crore in the corresponding quarter a year ago.
The bank’s bottomline grew in the quarter thanks to a surge in retail loans and a decline in bad loans. In Q3, the bank’s total income stood at ₹14,001.63, up from ₹13,513.35 crore a year ago.
On the NPA front, bank’s net non-performing assets as a percentage of total assets stood at 5.05%, down from 6.37% a year ago. The percentage of its gross NPAs also reduced to 8.36% from 10.25% a year ago.
The lender’s total business increased by 5.19% to ₹10,63,450 crore. Its gross deposits were up by 8.64% to ₹6,25,240 crore and gross advances stood at ₹4,38,210, up by 0.64%.
The lender has witnessed strong growth in assets across segments — agriculture accounted for 10.17%, MSME -0.38%, retail lending 21.90%, core retail 20.84%, housing 20.85%, vehicle loans 23.44% and education 5.64%.
“Going forward, we are planning to sustain the business growth momentum, with deposits growth upwards of 10% and advances growth of more than 13% during the current year,” said the bank.
