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What the record says.
Canara Bank delivered a 12.25% YoY PAT growth to ₹4,104 crore in Q3 FY25, driven by strong operating profit growth of 15.15% YoY to ₹7,837 crore and a 23.31% YoY rise in fee income. Asset quality improved significantly with gross NPA falling to 3.34% (down 105 bps YoY) and net NPA hitting an all-time low of 0.89%. The bank surpassed 9 of 13 full-year guidance parameters nine months early, including advances growth of 10.45% and credit cost of 0.89%. However, deposit growth lagged at 8.44% due to liquidity constraints, and NIM faced pressure from higher-cost term deposits. Management expects to maintain CD ratio below 78% and LCR above 115% via longer-tenure deposits. Key risk: sustained liquidity tightness could further compress margins if deposit competition intensifies.
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Guidance to track
- Management expects to achieve 10% advances growth for the full year, with current growth at 10.45% already exceeding the target.
- The bank aims to keep its global credit-deposit ratio below 78% to manage liquidity and cost of funds.
- After the proposed RBI LCR guidelines, the bank plans to restore LCR to 115-120% by raising longer-tenure deposits at 7.3-7.4%.
- Management expects to maintain cost-to-income ratio in the 47-48% range, with annual expense growth of 6-7%.
Risks flagged
- Market liquidity constraints have made deposit mobilization costly, pressuring NIM. Management acknowledged the challenge and is using excess SLR and higher-rate deposits to manage.
- Proposed RBI LCR guidelines effective April 2025 could reduce LCR by 11-12 bps, requiring costly longer-tenure deposits that may further compress NIM.
- CASA ratio has fallen to 30% due to customers shifting surplus to term deposits or mutual funds. Management's initiatives may take time to reverse the trend.
- RBI's potential changes to gold loan norms (collateral-free for PSL) may affect the bank's large gold loan portfolio, though management sees no immediate issue.
Key quotes
- Our PCR has reached an all-time high of 91.26% with a year-on-year improvement of 225 basis points.
- Our net NPA has reached to the all-time low in the history of the Canara Bank to a 0.89%, with a year-on-year decline of 43 basis points.
- We have proved that we are consistent in our performance in all the key parameters.
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