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Canara Bank conducted a conference call on 25 July 2024 to discuss its financial results for the quarter ended June 2024. K. Satyanarayana Raju, MD&CEO of the bank addressed the call:
Highlights:
The bank has improved its business to Rs 23.1 lakh crore, driven by 10% growth in deposits and 12% rise in deposits end June 2024.
The loan growth of the bank has eased to shedding of low yielding advances. However, the loan growth for the retail, agriculture and MSME (RAM) has be healthy at 12% and its share has rose to 57% end June 2024.
The credit cost has declined by 20 bps yoy to 0.9% in Q1FY2025.
The credit deposit ratio for the bank stands at 73.04% end June 2024.
The bank has reduced GNPA ratio by 9 bps qoq to 4.14% and NNPA by 3 bps qoq to 1.24% end June 2024.
The bank has witnessed an increase in average cost of incremental deposits to above 7.5%, while its expected to remain elevated due liquidity concern...
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