Q4 2024 Canara Bank Ltd Earnings Call Transcript
Key Points
- Canara Bank (BOM:532483) achieved an all-time high global business of INR22.73 lakh crore with a year-on-year growth rate of 11.31%.
- Net profit reached INR3,757 crore, marking an 18.33% year-on-year growth, the highest in the bank's history.
- Net interest income increased by 11.18% year-on-year, standing at INR9,580 crore.
- The bank's return on assets improved to 1.01%, a year-on-year improvement of 20 basis points.
- Gross NPA declined to 4.23%, a year-on-year decrease of 112 basis points, and net NPA stood at 1.27%, a decline of 46 basis points.
- Guidance for credit growth in the next year is slightly softer, with a projection of 10%, which is conservative compared to the bullish market expectations.
- The new RBI draft circular on provisioning norms could potentially impact the bank, though the exact impact is still unclear.
- Operating expenses saw a sharp rise due to one-time IT-related expenditures and increased pension provisions.
- The cost of deposits has increased, with the average cost of term deposits ranging from 6.25% to 6.5%.
- The bank's guidance for net interest margin (NIM) is 2.90%, which is 17 basis points lower than the fourth quarter exit rate.
Good afternoon all. On behalf of Antique Stock Broking, we welcome you all to Q4 FY24 post earnings conference call of Canara Bank. From the management team, we have Shri K. Satyanarayana Raju, MD and CEO sir; Shri Debasish Mukherjee, Executive Director; Shri Ashok Chandra, Executive Director; Shri Hardeep Singh Ahluwalia, Executive Director; and Shri Bhavendra Kumar, Executive Director.
Without further ado, I hand over the call to MD sir, for his opening remarks, post which we can open the floor for any questions. Thank you, sir and over to you.
Good evening to all of you. So I'm presenting here before that some few highlights of that just concluded fourth quarter and financial year '23, '24. So our global business has touched an all-time high of INR22.73 lakh crore with a year-on-year growth rate of 11.31%. Our global advances have grown at 11.34% and stood at INR9.61 lakh crore. Our global deposits have grown at 11.29% year on year -- growth rate of that's 11.29%
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