Canara Bank / Q2-FY24

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Positive2023-10-31Back to CANBK

Revenue

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Revenue YoY

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reported change

EBITDA

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Actual signal trajectory

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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 Q2 FY24 with net profit surging 42.81% YoY to INR 3,606 crore, driven by 19.76% YoY NII growth and improved asset quality. Gross NPA fell 161 bps YoY to 4.76%, while PCR improved to 88.73%. The bank maintained NIM at 3.02% despite deposit cost pressure, with management guiding NIM in the 2.9%-3.05% range. RAM credit grew 13.63%, and the bank expects 12% loan growth for FY24. Key risks include margin compression from high deposit rates and potential slippage from a large LRD account (INR 650 crore provisioned). Overall, the bank is on track to meet its guidance of sub-45% cost-to-income and 1% credit cost.

Colored figures show movement against the previous available record.

Guidance to track

  • Management guided NIM between 2.9% and 3.05% for coming quarters, depending on liquidity conditions.
  • Management expects advances to grow around 12% for the full year, driven by RAM segment.
  • Management aims to increase provision coverage ratio to 90% by March 2024.
  • Management expects credit cost to remain around 1% until PCR reaches 95%.

Risks flagged

  • Elevated term deposit rates (7.25% special scheme) may pressure NIM, potentially falling to 2.9% if liquidity remains tight.
  • A single large LRD account (mall) under SMA-2 has been provisioned INR 650 crore; if it slips to NPA, recovery may be slow despite collateral.
  • Recovery from NCLT-referred accounts remains slow, with most resolutions via liquidation, limiting recoveries.
  • Bipartite settlement arrears from Nov 2022 could create a one-time expense shock; bank has provisioned INR 1,150 crore so far.

Key quotes

  • Our provisioning will be always in aggressive side.
  • We are the first banker who made it interoperable so that the other person need not have a wallet of CBDC.
  • If the current scenario continues with a high interest rate and the same liquidity issue is there in the next two quarters, we may land up at 2.9.

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