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Canara Bank reported a steady operating performance with net interest income growth of 10% YoY (7% miss). Healthy treasury gains and traction in fee income led to a 13% beat in total revenue (16% YoY).
Margin contracted 15 basis points QoQ to 2.8% while pre-provision operating profit grew 21% YoY (18% YoY rise in core PPoP).
On the business front, Canara Bank witnessed strong demand momentum as it clocked 6% QoQ/15% YoY growth in advances. Growth was driven by the corporate segment with a sharp jump of 8.9% QoQ.
Thus, the share of corporate in mix improved 160 bps to 46.6%. Deposits, conversely, grew 3% QoQ led by term deposits as current account and savings account deposits saw a sequential decline of 2%.
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