Canara Bank's Q2FY24 Financial Performance Review
In this financial performance review, we delve into the results of Canara Bank for Q2FY24 and analyze key metrics, including revenue, expenses, net profit, and margin.
| Particulars | Q2FY23 | (Y-o-Y) % change | Q1FY24 | (Q-o-Q) % change | Q2FY24 |
| Total Income (₹crs.) | 27,358 | 23.88 | 32,259 | 5.06 | 33,891 |
| Expenses (₹crs.) | 20,369 | 28.55 | 24,606 | 6.41 | 26,184 |
| Net Profit (₹crs.) | 2,593 | 41.8 | 3,573 | 2.91 | 3,677 |
| Margin (%) | 9.48 | 1.37 | 11.08 | -0.23 | 10.85 |
REVENUE:
Canara Bank reported a total income of ₹33,891 crores for Q2FY24, demonstrating substantial growth of 23.88% compared to the same quarter in the previous fiscal year . Additionally, the company exhibited a 5.06% increase in revenue sequentially.
EXPENSES:
Expenses for Canara Bank in Q2FY24 amounted to ₹26,184 crores, reflecting a 6.41% increase compared to the preceding quarter. When compared to the same quarter in the previous fiscal year expenses increased by 28.55%.
NET PROFIT:
The net profit of Canara Bank for Q2FY24 was ₹3,677 crores, showing a 2.91% growth compared to Q1FY24. On a year-on-year basis, there was a substantial 41.8% increase in net profit.
MARGINS:
Canara Bank's margin in Q2FY24 was 10.85%, with a slight decrease of 0.23% compared to the preceding quarter. Year-on-year, the company maintained a healthy margin, with an increase of 1.37%.
In conclusion, Canara Bank's financial performance in Q2FY24 reflects robust growth. The company reported a significant increase in revenue, coupled with notable growth in net profit. Despite a minor dip in margin, the overall performance for this quarter remains impressive.
Stay tuned for more detailed updates on Canara Bank's financial performance in the coming quarters.
