Wednesday, February 4, 2015

#CanaraBank Q3 net profit up by 60.3% to Rs.656 crore

Bangalore based Canara Bank has earned Rs 656 crore as net profit for the quarter ended December 2014.Same quarter last fiscal it earned Rs.409 crore as net profit.

Major Highlights – Q3FY15

    Net profit at Rs.656 crore, up by 60.3%.
    Operating Profit up by 13% y-o-y to  Rs.1797 crore.
    Total Fee income up by 38.2% to  1176 crore from  Rs.851 crore last year.
    Total Business at  Rs.7.75 lakh crore, up by 11.2% y-o-y.
    Total Deposits at  Rs.4.62 lakh crore, up by 13.1% y-o-y.
    Advances (net) at  Rs.3.12 lakh crore, moderated growth rate at 8.5% y-o-y.
    Continued robust growth in Retail Segments – Priority Credit – (21%), Agriculture (24%), MSME (19.5%), MSE (25%), Retail Lending (22%), Direct Housing Loans (30%), Vehicle Loans (30%) and other personal loans (95%).
    Gross NPA Ratio at 3.35% and net NPA Ratio at 2.42%.
    Record Cash Recovery during 9M FY15 at  4427 crore compared to Rs.3135 crore last year.
    Recovery from prudentially written off accounts in 9MFY15 at  Rs.1203 crore (16.29% of outstanding amount). Upgradation during 9M was at  Rs.1574 crore.
    Provision Coverage Ratio improved to 59.44% compared to 57.39% last year.
    Net Interest Margin (NIM) (Domestic) increased to 2.36% and NIM (Global) at 2.24%.
    1091 branches and 3056 ATMs added y-o-y and 893 branches and 1287 ATMs during the 9MFY15, taking the total to 5648 branches and 7599 ATMs.
    Enhanced E-transactions to 45.35% from 43.75% last year. 
Income and Expenses - Q3 FY15
•    Total income for Q3FY15 increased to  Rs.12228 crore, with a y-o-y growth of 11.8%.
•    Income from loans/advances increased to  Rs.8064 crore, with a y-o-y growth of 9.6%.
•    Non-interest income for the quarter increased by 38.2% to  Rs.1176 crore.
•    Total expenses for the quarter increased by 11.6% to  Rs.10431 crore. The increase in Operating Expenses was at 18.3% to  Rs.1759 crore.
•    Net interest income for the quarter increased by 6.9% to  Rs.2380 crore.
•    NIM (Domestic) improved to 2.36% from 2.35% last year and NIM (Global) improved to 2.24% from 2.21% last year.
Profits and Profitability – Q3 FY15
•    Operating Profit for the quarter was at  Rs.1797 crore, up by 13% y-o-y.
•    Total provision for the quarter was at  1141 crore compared to  1182 crore for Q3FY14. The provision for NPAs during the quarter was  Rs.952 crore.
•    Net profit for Q3FY15 increased to  Rs.656 crore compared to  409 crore, an increase of 60.3% y-o-y. 
•    While Earnings per Share (EPS) for the quarter was at  14.22, Book Value rose to  Rs.554.93 compared to  Rs. 518.61 as at December 2013.
First Nine Months (9M) Performance
•    Operating profit rose to  Rs.5218 crore compared to  4914 crore a year ago, registering a y-o-y growth of 6.2%. Net Profit for 9MFY15 aggregated to  Rs.2090 crore compared to Rs.1827 crore a year ago, up by 14.4%.   Rs.
•    Net Interest Income increased to  Rs.7178 crore, with a y-o-y growth of 12%.
•    Total income rose by 12.6% to  Rs.35871 crore, including  23973 crore income from loans/advances.
•    Non-interest income increased to  Rs. 3224 crore, up by 12.6%. 
Business Performance
•    Global Business of the Bank rose to  774718 crore compared to  Rs.696624 crore as at December 2013, with a y-o-y growth of 11.2%.
•    Global Deposits of the Bank increased to Rs.462450 crore compared to  Rs.408924 crore as at December 2013, with a growth of 13.1%. Market share improved to 4.96%.
•    Global Advances (Net) reached a level of  312269 crore compared to  Rs.287700 crore as at December 2013, with a growth of 8.5%. Market share improved to 4.55%.
•    The Bank’s domestic business constituted 94% of the total business. Total business of the foreign branches increased to  Rs.46037 crore from  Rs.39788 crore last year. 
•    The Bank’s CASA deposits to domestic deposits stood at 24.05%. The Bank’s CASA deposits increased to  Rs.105019 crore as at December 2014 compared to  Rs.94465 crore as at December 2013, registering a y-o-y growth of 11.2%.
•    The Bank’s clientele base increased to Rs.6.32 crore, comprising Rs.5.61 crore under deposit and 71 lakh under borrowal accounts. About 93 lakh clientele added during the year.
•    While Business per Employee stood at  13.78 crore, Business per Branch was at Rs.137.17 crore.