Banking

Canara Bank reports Rs 696 Cr net profit in Q3

Published

on

BK News

Srinagar, Jan 27: Canara Bank, country’s third-largest PSU bank in terms of branch network and fourth-largest in terms of business, Wednesday reported a net profit of Rs 696 crore for the third quarter (Q3) of 2020-21.

With the news of COVID19 vaccination and positive economic signals, the Q3 results have been quite promising.

The banking giant’s total global business has risen to more than Rs 16.40 Lakh Crores with a 6.97% year-on-year growth. Out of this, deposits stand at nearly Rs 9.73 lakh crore and advances portfolio stands at more than Rs 6.67 lakh crore.

Retail lending portfolio alone has increased by 9.33% YoY to Rs 1.138 lakh crore.

In terms of the Asset quality, the bank’s Gross and Net Non-Performing Assets (NPA) have reduced to 7.46% and 2.64% respectively as on December 31, 2020.

Current Account & Savings Account deposit (CASA) ratio of the PSU has risen by 14.89%. Net Interest Income (NII) has increased by 14.58%.

In April 2020, Syndicate Bank was merged into Canara Bank. This makes Canara Bank the third-largest PSU Bank with a branch network of more than 10,500 branches and 13,500 ATMs spread across the length and breadth of the country and overseas as well.

Click to comment

Trending

Exit mobile version