Canara Bank Ltd. (NSE: CANBK) is a state-owned bank headquartered in Bengaluru, India. It was founded in 1906 and is one of the oldest public sector banks in the country. The bank offers a wide range of banking and financial products and services to individuals, small and medium-sized enterprises, and large corporations.
Canara Bank has reported strong financial performance in the most recent fiscal quarter, with a significant increase in net profit, operating profit, and gross advances. The bank’s gold loan portfolio also saw significant growth of 34.21%. Net-interest income and non-interest income also increased by 23.81% and 10.35% respectively. Additionally, the cost to income ratio decreased by 184 basis points and the bank’s credit to retail and agriculture grew by 11.30% and 13.81% respectively. The bank also reported a decrease in non-performing assets and an improvement in provision coverage ratio and return on equity. Overall, the bank’s financial performance appears to be strong.