State-owned Canara Bank announced a net profit of ₹4,014 crore for the third quarter ending December 31, 2024, reflecting a year-on-year growth of 12.25%. The operating profit reached ₹7,837 crore, a 15.15% increase compared to the previous year.
The bank's global deposits stood at ₹13,69,465 crore, marking an 8.44% rise, while gross advances climbed to ₹10,49,706 crore, growing by 10.45%. The total global business reached ₹24,19,171 crore, with a year-on-year growth rate of 9.30%.
Domestic deposits for the quarter were reported at ₹12,57,426 crore, up 7.76% year-on-year, and domestic gross advances amounted to ₹9,87,591 crore, showing a 9.55% growth. Retail, Agriculture, and MSME (RAM) credit increased by 12.32% to ₹5,95,789 crore, with retail credit surging 35.46%. Housing loans grew by 12.26%, and vehicle loans rose by 17.26%.
Canara Bank achieved its targets in priority sector lending at 44.33% and agricultural credit at 21.04% of ANBC, surpassing the regulatory norms of 40% and 18%, respectively. Despite the positive performance, the bank's shares experienced a decline of 5.28%, trading at ₹91.78 during the day.