Canara Bank has reported its Q2 FY25 financial results, showing a strong year-on-year (YoY) growth in net profit. The bank’s net profit reached ₹4,020 crore, marking an 11.7% increase compared to ₹3,600 crore in the same quarter last year, slightly missing market estimates of ₹4,048 crore.
Key Financial Highlights:
- Interest Earned: Total interest earned in Q2 stood at ₹29,740.07 crore, marking an increase from ₹28,701.35 crore in the previous quarter and ₹26,837.68 crore in the same quarter last year. This includes:
- Interest on Advances/Bills: ₹21,758.09 crore, reflecting robust growth driven by advances.
- Income on Investments: ₹6,059.67 crore.
- Other Income: ₹4,981 crore, slightly lower than the ₹5,318.88 crore reported in the previous quarter.
- Gross Non-Performing Assets (GNPA): Improved to 3.73% in Q2 FY25, down from 4.14% in the previous quarter, indicating enhanced asset quality.
- Net Non-Performing Assets (NNPA): Also showed improvement, dropping to 1% from 1.24% in Q1 FY25.
The results align with market expectations on most parameters and highlight Canara Bank’s success in enhancing profitability and managing asset quality effectively. The bank’s performance was generally in line with estimates and marked a YoY improvement across key metrics, strengthening investor confidence in its ongoing recovery and growth trajectory.
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Canara Bank