<p><a href="https://www.deccanherald.com/tags/canara-bank">Canara Bank’s</a> net profit for the present financial year’s first quarter (Q1) ended June, went up by 10.47 per cent on a year-on-year (YoY) to Rs 3,905 crore, the bank announced on Thursday.</p><p>This performance included 5.77 per cent rise in its net interest income (NII) to 9,166 crore. However, when seen sequentially, this marked a 4.3 per cent slide down from the previous quarter’s Rs 9,580 crore.</p><p>As it happened, during the quarter under review, the bank’s net interest margin (NIM) slipped by 15 basis points (bps) both YoY and sequentially from 3.05 per cent to 2.90 per cent. In the post-results briefing, the bank’s managing director and CEO, Satyanarayana Raju, assured the NIM, as seen historically, will see a gradual improvement over the next few quarters and may go up to 2.95 per cent by end-FY25.</p><p>The public sector lender’s global deposit during the quarter was up by 11.97 per cent YoY at Rs 13.35 lakh crore, while global advance rose by 9.86 per cent to Rs 9.75 lakh crore. Its global business increased by 11.07 per cent YoY to Rs 23.1 lakh crore as of June 2024. The domestic deposit at Rs 12.31 lakh crore showed a 11.47 per cent growth YoY, while domestic advances at Rs 9.2 lakh crore reflected a 9.17 per cent YoY climb.</p>.Mankind Pharma to acquire Bharat Serums and Vaccines for Rs 13,630 crore.<p>The bank managed to bring its gross non-performing assets (GNPA) ratio down by 101 bps to 4.14 per cent YoY, when it was at 5.15 per cent, and 9 bps sequentially from 4.23 per cent in March 2024. Likewise, its net non-performing assets (NNPA) ratio stood at 1.24 per cent down by 33 bps YoY from 1.57 per cent in June 2023, and sequentially down from 1.27 per cent in March 2024. Its provision coverage ratio (PCR) is at 89.22 per cent showed 118 bps improvement YoY and 12 bps sequentially. </p><p>The Bengaluru-headquartered lend saw its risk assessment model (RAM) or credit risk appraisal grow by 12.26 per cent and Raju said that their focus on RAM continues and they are confident of maintaining this level of growth.</p><p>“The bank has achieved targets in priority sector at 44.95 per cent and agricultural credit at 22.02 per cent of its adjusted net bank credit (ANBC) as of June 2024, as against the norm of 40 per cent and 18 per cent respectively,” he added. </p>
<p><a href="https://www.deccanherald.com/tags/canara-bank">Canara Bank’s</a> net profit for the present financial year’s first quarter (Q1) ended June, went up by 10.47 per cent on a year-on-year (YoY) to Rs 3,905 crore, the bank announced on Thursday.</p><p>This performance included 5.77 per cent rise in its net interest income (NII) to 9,166 crore. However, when seen sequentially, this marked a 4.3 per cent slide down from the previous quarter’s Rs 9,580 crore.</p><p>As it happened, during the quarter under review, the bank’s net interest margin (NIM) slipped by 15 basis points (bps) both YoY and sequentially from 3.05 per cent to 2.90 per cent. In the post-results briefing, the bank’s managing director and CEO, Satyanarayana Raju, assured the NIM, as seen historically, will see a gradual improvement over the next few quarters and may go up to 2.95 per cent by end-FY25.</p><p>The public sector lender’s global deposit during the quarter was up by 11.97 per cent YoY at Rs 13.35 lakh crore, while global advance rose by 9.86 per cent to Rs 9.75 lakh crore. Its global business increased by 11.07 per cent YoY to Rs 23.1 lakh crore as of June 2024. The domestic deposit at Rs 12.31 lakh crore showed a 11.47 per cent growth YoY, while domestic advances at Rs 9.2 lakh crore reflected a 9.17 per cent YoY climb.</p>.Mankind Pharma to acquire Bharat Serums and Vaccines for Rs 13,630 crore.<p>The bank managed to bring its gross non-performing assets (GNPA) ratio down by 101 bps to 4.14 per cent YoY, when it was at 5.15 per cent, and 9 bps sequentially from 4.23 per cent in March 2024. Likewise, its net non-performing assets (NNPA) ratio stood at 1.24 per cent down by 33 bps YoY from 1.57 per cent in June 2023, and sequentially down from 1.27 per cent in March 2024. Its provision coverage ratio (PCR) is at 89.22 per cent showed 118 bps improvement YoY and 12 bps sequentially. </p><p>The Bengaluru-headquartered lend saw its risk assessment model (RAM) or credit risk appraisal grow by 12.26 per cent and Raju said that their focus on RAM continues and they are confident of maintaining this level of growth.</p><p>“The bank has achieved targets in priority sector at 44.95 per cent and agricultural credit at 22.02 per cent of its adjusted net bank credit (ANBC) as of June 2024, as against the norm of 40 per cent and 18 per cent respectively,” he added. </p>