Canara Bank reported 75% yoy earnings growth

31 July 2023

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Canara Bank (CANBK)


  • Canara Bank reported ~75% yoy earnings growth led by ~15% yoy growth in operating profit and ~25% yoy decline in provisions.
  • NII (Net Interest Income) growth was healthy at 28% yoy.
  • Asset quality improvement continued as NPL (Non-Performing Loan) ratios declined and slippages were at a modest level.
  • Loan growth was healthy (13% yoy, 3% qoq) while NIM (Net Interest Margin) was flat qoq.
  • The bank reported another quarter of >1% RoA (Return on assets) and ~19% RoE (Return on Equity) led by further decline in credit cost.

 



Note: The above is a brief note on the company, based on the inputs of KIE research report dated 24m July 2023, whichis available onour website at: https://www.kotaksecurities.com/ksweb/ResearchCalVFundamental. Disclaimer: http://bit.ly/2n5Ax1E 

https://www.kotaksecurities.com/ksweb/research/kotak-research-reports/top-weekly-picks 




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