CANARA BANK
Canara Bank is one of the largest Indian government-owned banks which was founded in the year 1906 by Shri Subba Rao Pai, a great visionary and philanthropist in Mangalore. The bank has carved a distinctive mark by providing services to over 10.90 crore customers through a network of 10491 branches and 12793 ATMs. It has also established its international division in the year 1976 with its first overseas office in London and the most recent one in New York, United States. They have some subsidiary companies as well which include: Canfin Homes Limited, Canbank Factors Limited, Canbank Venture Capital Fund Limited, Canara Bank Securities Limited, Canara HSBC Oriental Life Insurance Company Limited, and many more.
The bank has been in highlights quite a few times: Finance Minister of India announced the merger of Syndicate Bank with Canara Bank that would create the fourth-largest public bank in the country with a total business of Rs.15.20 lakh crore. They recently announced the merger of Canara Bank, Manipal Circle with four of its other branches. The bank has been establishing its name in various corporate social responsibilities namely: serving national priorities, sponsoring four regional rural banks – Andhra Pragathi Grameena Bank, Kerala Gramin Bank, Karnataka Gramin Bank, and Karnataka Vikas Grameena Bank.
They have extended their hand in helping businesses affected by Covid-19, by offering credit support for borrowers to enable them to avail the sanctioned facilities to the full extent and improve their business. Their shareholding pattern is Promoter and Promoter group (69.33%), FII (4.59%), DII (12.60%), and Public (13.48%).
For the quarter ending 31-03-2021, the bank reported a net profit of Rs.1,011 crore as compared to Rs.3,259 crore of net loss posted in the same quarter last year. They have earned a total income of Rs.23,774.15 crore which is 2.92% lesser than Q3. Their PAT value has shown an increase of 59.55% and now stands at Rs.1195.78 crore against Rs.749.73 crore from the last quarter. They have generated an EPS value of Rs.7.26 against Rs.5.01 from last quarter.
After analyzing the results of Canara Bank, it can be noticed that the bank has managed to generate a decent rise in their gross profit in comparison to last quarter. The gross non-performing assets (NPA) recorded a slight increase YoY basis and now stands at 8.93%. The increase in cash flow from financing and operating activities as well as a decrease in cash flow from financing activities is also a good sign for their growth.
