Canara Bank / Q1-FY24

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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.

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Positive2023-07-20Back to CANBK

Revenue

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Revenue YoY

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reported change

EBITDA

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PAT (₹ Cr)PositiveWatchNegative
12 actual records
Actual quarterly PAT (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 3,755 · Positive source sentiment · 2023-07-20Q1 FY24Q2 FY24: 3,829 · Positive source sentiment · 2023-10-31Q2 FY24Q3 FY24: 3,827 · Positive source sentiment · 2024-01-31Q3 FY24Q4 FY24: 3,991 · Positive source sentiment · 2024-04-30Q4 FY24Q1 FY25: 4,098 · Positive source sentiment · 2024-07-19Q1 FY25Q2 FY25: 4,227 · Positive source sentiment · 2024-10-29Q2 FY25Q3 FY25: 4,256 · Positive source sentiment · 2025-01-31Q3 FY25Q4 FY25: 5,111 · Positive source sentiment · 2025-04-15Q4 FY25Q1 FY26: 3,233 · Positive source sentiment · 2025-07-15Q1 FY26Q2 FY26: 4,896 · Positive source sentiment · 2025-10-31Q2 FY26Q3 FY26: 5,155 · Positive source sentiment · 2026-02-10Q3 FY26Q4 FY26: 4,575 · Watch source sentiment · 2026-04-30Q4 FY265,1553,233
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Canara Bank reported a strong Q1 FY24 with net profit surging 74.83% YoY to ₹3,535 crore, driven by 27.72% NII growth and improved asset quality. Gross NPA declined 183 bps YoY to 5.15%, while PCR crossed 88%. Gold loan portfolio grew 30% YoY to ₹1.30 lakh crore, supported by expanded branch network. Management guided for NIM above 3%, credit growth of 12-14%, and continued PCR strengthening towards 90%. Key risks include sustained pressure on deposit costs and potential slippages from MSME and agri segments. Overall, the bank is on track to deliver consistent profitability improvement.

Colored figures show movement against the previous available record.

Guidance to track

  • Management guided for net interest margin to remain above 3%, with Q1 NIM at 3.05%.
  • Management expects loan growth in the range of 12-14% for the full year, with Q1 domestic credit growing over 3%.
  • Management guided for gross NPA to decline to 4.50% by March 2024.
  • Management aims to increase provision coverage ratio to above 90% through additional provisions each quarter.

Risks flagged

  • Management acknowledged stress on margins due to higher interest expenses on deposits, which could persist if liquidity remains tight.
  • Analyst raised concern that PSLC income, which contributed significantly in Q1, will taper off in later quarters, impacting profitability.
  • Slippages in Q1 were concentrated in MSME (₹1,380 crore) and agriculture (₹800 crore), with SMA book elevated due to seasonal factors.

Key quotes

  • We are very, very much particular about the consistency in our growth, and that consistency will reflect in all our key parameters in quarter-on-quarter.
  • We are confident that we can manage our NIM at 3% and little above the 3%.
  • We say less, but we do more.

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