<p>Bengaluru: State-run lender Canara Bank on Monday reported a 12.25 per cent year-on-year (YoY) increase in profit after tax (PAT) to Rs 4,104 crore, in the October-December quarter (Q3). However, net interest income (NII) fell by 2.85 per cent to Rs 9,149 crore, on back of tepid deposit growth and a shifted focus on average advances.</p><p>In the post earnings call, Managing Director and Chief Executive Officer K Satyanarayana Raju said that NII and advances are expected to show improvement going ahead.</p><p>The Bengaluru-based lender also reported an improvement in asset quality, with the gross non-performing assets (NPA) ratio declining to 3.34 per cent from 4.39 per cent in the year-ago period. The net NPA ratio at 0.89 per cent saw a decline of 43 bps.</p><p>The bank’s global deposits increased by 8.44 per cent YoY to Rs 13.69 lakh crore, while its domestic deposits stood at Rs 12.57 lakh crore with a growth of 7.76 per cent YoY.</p>.Canara Bank withdrawal slips mix-up leaves customers in fix in Shiralakoppa .<p>Within domestic deposits, both savings deposits and CASA (the money deposited in a customer's current account and savings account) deposits saw a sequential decline. Raju pointed out deposit mobilisation issues that the industry has been facing.</p><p>The liquidity in the system needs to improve considerably. We are also forced to offer a high rate of interest, like all the other banks, he said.</p><p>For the first week of the next fiscal year, the bank is preparing to launch loans against mutual funds.</p><p>For its mutual fund and insurance subsidiaries (Canara Robeco Asset Management Company and Canara HSBC Life Insurance Company), Raju said the bank has received all regulatory permissions. The companies are expected to be listed in the next financial year.</p>
<p>Bengaluru: State-run lender Canara Bank on Monday reported a 12.25 per cent year-on-year (YoY) increase in profit after tax (PAT) to Rs 4,104 crore, in the October-December quarter (Q3). However, net interest income (NII) fell by 2.85 per cent to Rs 9,149 crore, on back of tepid deposit growth and a shifted focus on average advances.</p><p>In the post earnings call, Managing Director and Chief Executive Officer K Satyanarayana Raju said that NII and advances are expected to show improvement going ahead.</p><p>The Bengaluru-based lender also reported an improvement in asset quality, with the gross non-performing assets (NPA) ratio declining to 3.34 per cent from 4.39 per cent in the year-ago period. The net NPA ratio at 0.89 per cent saw a decline of 43 bps.</p><p>The bank’s global deposits increased by 8.44 per cent YoY to Rs 13.69 lakh crore, while its domestic deposits stood at Rs 12.57 lakh crore with a growth of 7.76 per cent YoY.</p>.Canara Bank withdrawal slips mix-up leaves customers in fix in Shiralakoppa .<p>Within domestic deposits, both savings deposits and CASA (the money deposited in a customer's current account and savings account) deposits saw a sequential decline. Raju pointed out deposit mobilisation issues that the industry has been facing.</p><p>The liquidity in the system needs to improve considerably. We are also forced to offer a high rate of interest, like all the other banks, he said.</p><p>For the first week of the next fiscal year, the bank is preparing to launch loans against mutual funds.</p><p>For its mutual fund and insurance subsidiaries (Canara Robeco Asset Management Company and Canara HSBC Life Insurance Company), Raju said the bank has received all regulatory permissions. The companies are expected to be listed in the next financial year.</p>