Lower provisions aid earnings; asset quality improves

Company
25 Jan 2024
5 Min read 
  • Canara Bank reported 3QFY24 standalone PAT at INR36.6b, driven by lower provisions.
  •  NII grew 9.5% YoY, while margins improved 3bp QoQ to 3.03%.
  •  Asset quality improved significantly, with credit costs falling below 1%.
  •  Loan book grew 13% YoY, driven by healthy traction in retail and corporate loans.
  •  Deposits grew 8.5% YoY, led by 14% YoY growth in term deposits.
  •  Reiterate BUY rating with a TP of INR570.
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