Canara Bank’s Q3 Financial Highlights: Robust Profit Growth, Improved Asset Quality, and Strategic Provisioning

Canara Bank’s Q3 Profit After Tax (PAT) stands at Rs 3,656 crore, reflecting a YoY increase from Rs 2,881 crore.

Gross Non-Performing Assets (NPA) decreased to 4.39% from the previous quarter’s 4.76%.

Net NPA is down to 1.32% compared to the previous quarter’s 1.41%.

Net Interest Income (NII) increased by 9.5% YoY, reaching Rs 9,417 crore.

Pre-Provision Operating Profit (PPOP) decreased by 2.1% YoY, totaling Rs 6,806 crore.

Provisions increased by 9.7% YoY, reaching Rs 2,107 crore, with an estimated provision of Rs 1432.2 crore made for wage rate revision.

Net Interest Margins (NIMs) increased slightly to 3.03% from the previous quarter’s 3%.

Fresh slippages amounted to Rs 2,697 crore, showing a decrease from the previous quarter’s Rs 2,894 crore.

Slippage ratio improved to 0.31% from the previous quarter’s 0.33%.