Canara Bank exceeds Q1 growth targets with 22% profit jump

Canara Bank's global business grew 11% year-on-year to ₹25.63 lakh crore, with advances up 12.42% to ₹10.96 lakh crore, exceeding 10-11% guidance. Deposits rose 10% to ₹14.67 lakh crore.

Operating profit hit a record ₹8,554 crore, up 12.32%, while net profit jumped 21.69% to ₹4,752 crore. Return on assets improved to 1.14%.

Asset quality strengthened with gross NPA falling to 2.69% and net NPA to 0.63%. Retail credit surged 34%, helping RAM credit grow nearly 15% to comprise 58% of the asset book.