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Canara Bank's Q2FY24 Financial Performance Review

Oct 27, 2023

By: BlinkX Research Team

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.

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.