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Canara Bank reported a strong Q4 FY24 with net profit at an all-time high of INR 3,757 crore, up 18.33% YoY, driven by NII growth of 11.18% and improved asset quality (GNPA down 112bps to 4.23%). The bank maintained credit cost below 1% and delivered NIM of 3.07% for the quarter. Management guided for FY25 credit growth of ~12% and NIM of 2.95-3%, conservatively, while expecting outperformance. Key drivers include strategic shedding of low-yielding corporate loans, focus on CASA (target 33% by FY25), and technology investments. Risks include potential impact from RBI's draft circular on project loans and elevated operating expenses due to wage revision.
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Guidance to track
- Management guided for 10% minimum but expects to achieve around 12% credit growth, driven by RAM and selective corporate lending.
- Despite tight liquidity, management expects NIM to remain in the 2.95%-3% range, with potential upside if liquidity eases.
- Management aims to achieve 33% CASA ratio by end of FY25 through new products and digital initiatives.
- Management expects to keep cost-to-income ratio at or below 47% despite wage revision and IT investments.
Risks flagged
- New RBI guidelines on project implementation could increase provisioning requirements, though management is confident of managing the impact.
- Staff costs rose sharply due to bipartite settlement arrears and actuarial provisions; normalization expected from Q1 FY25.
- The bank is gradually reducing INR 60,000-70,000 crore of low-yielding corporate loans, which may temper headline credit growth.
- New accounting norms for investment portfolio could affect treasury profits, though initial impact added INR 1,400 crore to reserves.
Key quotes
- We don't want to grow at the top line at the cost of bottom line.
- Our main thing is consistency. That consistency will continue. We will not see any knee-jerks in our balance sheet in the coming quarters too.
- This change in accounting has given our CET1 a boost of 21 basis point which is a very big amount, about INR 1,400 crore.
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