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Canara Bank reported a mixed Q4 FY26. Full-year net profit grew 12.69% to INR 19,187 crore, driven by strong credit growth of 15.30% and improved NIM (+9bps QoQ to 2.54%). However, quarterly operating profit fell sharply due to one-time listing gains of INR 1,930 crore in Q3 and MTM losses of INR 800 crore from bond yield volatility. Asset quality improved with GNPA down 110bps YoY to 1.84% and SMA at 2.75%. Management guided for 11-12% loan growth and NIM of 2.5-2.6% for FY27, but flagged ECL implementation costs of INR 10,000 crore (staggered over 4 years). Key risk: gold loan fraud incidents and potential slippage in MSME segment.
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Guidance to track
- Management guided for 11-12% loan growth, but expects to exceed it as in prior years.
- Net interest margin expected to stay between 2.5% and 2.6% in FY27.
- Management confident of delivering return on assets above 1% despite ECL implementation.
- Expected additional provisions of INR 10,000 crore under ECL, can be absorbed in one year or staggered over four years.
Risks flagged
- Recent media reports of gold loan fraud; management has checks but one-off incidents may occur.
- Out of total slippage of INR 2,771 crore, INR 1,333 crore came from MSME, indicating stress in that segment.
- Exact run-rate impact of ECL on credit cost not yet quantified; system implementation only by September.
- Current account growth was sharply negative due to loss of four large accounts, impacting low-cost deposit base.
Key quotes
- Our NIM improved 9 basis points. If you compare our peer banks, our NIM has improved, our net interest income has improved.
- We are very conscious on pricing on bulk deposits and CD. We work on the blended model only, and we are very conscious what is the rate of inflow and what is the rate of outgo.
- Our SMA is best in the industry. It is only 2.75%.
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