Canara Bank Reports Q2 2024 Financial Results

FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE 2024

Key Highlights(June 2024 V/s June 2023)

  • Global Business stood at Rs. 23,10,350 cr grew by 11.07%.
  • Gross Advances stood at Rs. 9,75,183 cr grew by 9.86%.
  •  Global Deposit stood at Rs. 13,35,167 cr grew by 11.97%.
  •  Net Profit stood at Rs. 3,905 cr grew by 10.47%.
  •  Return on Assets stood at 1.05% improved by 6 bps.
  •  RAM Credit grew by 12.26%.
  •  Retail Credit grew by 23.54 % with Housing loan at 11.90 % and Vehicle loan at 15.49%.
  •  CET-1 stood at 12.05% improved by 55bps
  •  CRAR stood at 16.38% grew by 14bps.
  •  Credit Cost at 0.90% down by 20 bps.
  •  Gross NPA Ratio stood at 4.14% down by 101 bps.
  •  Net NPA Ratio stood at 1.24% down by 33 bps.
  •  Provision Coverage Ratio (PCR) at 89.22% improved by 118 bps.

Key Summary of Business Performance (as on 30.06.2024)

Business

  • Global Business increased by 11.07% (y.o.y) to Rs 2310350 cr as at June 2024 with Global Deposits at Rs 1335167 cr 11.97% (y.o.y) and Global Advance (gross) at Rs 975183 cr 9.86% (y.o.y).
  •  Domestic Deposit of the Bank stood at Rs 1231184 Cr as at June 2024 with growth of 11.47% (y.o.y).
  •  Domestic Advances (gross) of the Bank stood at Rs 920334 Cr as at June 2024 grew by 9.17% (y.o.y).
  •  RAM credit increased by 12.26% (y.o.y) to Rs 551750 Cr
  •  Retail lending Portfolio increased by 23.54% (y.o.y) to Rs 175794 Cr as at June 2024.
  •  Housing Loan Portfolio increased by 11.90% (y.o.y) to Rs 96108 Cr.

Asset Quality

  • Gross Non-Performing Assets (GNPA) ratio reduced to 4.14% as at June 2024 down from 4.23% as at Mar 2024, 5.15% as at June 2023.
  •  Net Non-Performing Assets (NNPA) ratio reduced to 1.24% as at June 2024 down from 1.27% as at Mar 2024, 1.57% as at June 2023.
  •  Provision Coverage Ratio (PCR) stood at 89.22% as at June 2024 against 89.10% as at Mar 2024, 88.04% as at June 2023.

Capital Adequacy

  • CRAR stood at 16.38% as at June 2024 (16.28% as at Mar 2024). Out of which Tier-I is 14.37% (13.95% as at Mar 2024), CET1 is 12.05% (11.58% as at Mar 2024) and Tier-II is 2.01% (2.33% as at Mar 2024).

Priority Sector & Financial Inclusion

  • The Bank has achieved Targets in Priority Sector at 44.95% and Agricultural Credit at 22.02% of ANBC as at June 2024, as against the norm of 40% and 18% respectively.
  •  Credit to Small and Marginal Farmers stood at 15.58% of ANBC, against the norm of 10.00%.
  •  Credit to Weaker Sections stood at 21.65% of ANBC, against the norm of 12.00%.
  •  Credit to Micro Enterprises stood at 9.92% of ANBC, against the norm of 7.50%.
  •  Credit to Non-Corporate Farmers stood at 18.37% of ANBC, against the norm of 13.78%.

Network

  • As on 30.06.2024, the Bank has 9623 Number of Branches, out of which 3106 are Rural, 2760 Semi- Urban, 1914 Urban & 1843 Metro along with 10014 ATMs. Bank is also having 4 Overseas Branches in London, New York, Dubai and Gift City.

“CyberPeace Foundation, Canara Bank in collaboration with Bicycle Mayor of Ranchi organised CyberPeace Ranchi Cyclothon 2024 “

February 29th, India: The bustling city of Ranchi witnessed a remarkable event on Sunday, February 25th, 2024, as CyberPeace Foundation, in collaboration with the Bicycle Mayor of Ranchi and with the generous support of title sponsor Canara Bank, successfully organized the “CyberPeace Ranchi Cyclothon 2024.” This annual cycling extravaganza aimed to raise awareness against the perils of misinformation while promoting a healthier lifestyle through cycling.

Cyclothon 2024

The event, which commenced at the break of dawn, saw enthusiastic participation from cycling enthusiasts across the city, all joining hands in the fight against misinformation. Founder of CyberPeace Foundation, Vineet Kumar, expressed his delight at the overwhelming response and the impactful message conveyed through the Cyclothon. He remarked, “In today’s digital age, misinformation spreads like wildfire, posing a significant threat to society. Through events like the CyberPeace Ranchi Cyclothon, we aim to not only raise awareness but also empower individuals to discern fact from fiction, thereby fostering a more informed and truth-driven community.”

The Cyclothon, graced by the presence of esteemed dignitaries, saw Mr. Sanjay Seth, Member of Parliament for Ranchi, Jharkhand, as the chief guest. Mr. Seth lauded the initiative, emphasizing the importance of collaborative efforts in combating misinformation. He stated, “Misinformation not only erodes trust but also undermines the fabric of our society. It is heartening to see organizations like CyberPeace Foundation taking proactive steps to address this issue. The Cyclothon serves as a beacon of hope, inspiring individuals to not only adopt a healthier lifestyle through cycling but also become vigilant against the spread of misinformation in our digital ecosystem.”

The Cyclothon featured three categories catering to participants of varying skill levels, with winners awarded trophies and every participant receiving a finisher’s medal and certificate. The event not only promoted physical activity and community engagement but also encouraged individuals to become proactive agents in the fight against online misinformation.

On the occasion Mr. Kanishka Poddar, Bicycle Mayor of Ranchi said “Our primary goal with this event is to promote cycling as a lifestyle choice, emphasizing its benefits for both physical and mental fitness, which are particularly crucial in today’s context. This marks the fifth edition of our event, and our central aim remains fostering a strong connection between cycling and individuals, encouraging them to embrace cycling as an integral part of their lives.”

The event was also co-sponsored by customised sportswear brand HYVE and PRM, Radio Partner 92.7 Big FM, Medical Partner Medanta and Hospitality partner The Ruin House.

CyberPeace Foundation extends its heartfelt gratitude to all participants, sponsors, and supporters for making the “CyberPeace Ranchi Cyclothon 2024” a resounding success. Together, let us continue pedaling towards a healthier, fitter, and misinformation-free society.

CANARA BANK ORGANISED A MEGA RETAIL UTSAV IN MUMBAI

Canara Bank organised a Mega Retail Expo at CIDCO Exhibition Center, Vashi, Navi Mumbai on 10th February 2024. More than Forty-Five top builders of the City participated and showcassed thier projects under one roof during the event. City’s top most vehicle dealers also participated in the Expo. Canara Bank Executive Director Mr. Ashok Chandra graced the occasion and he assured the customers of quick sanction of home loans with simple procedures. The Welcome Address was delivered by Mumbai Circle Head Mr. Purushottam Chand and he also urged all the Customers to avail Housing Loan from Canara Bank. It was also informed that the Bank is offering one of the lowest ROI in the Industry, starting from 8.40% p.a. for Housing Loan. Mr Ranjeet Kumar Jha, Deputy General Manager of Mumbai Circle gave the Vote of Thanks to the Chair and assured the entire gatherings of hassle free Housing Loan Sanctions in least possible time, positively within 48 hours. The Builders were advised to go for Builder’s Tie up and Project Approvals to ensure the fast sanction. The event was witnessed by more than 1000 Customers/Potential buyers.

Mega Retail Event- Canara Bank- 10.02.2024