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Canara Bank Q1 Review – Loan Growth Steady; Treasury Gains Support Earnings: Motilal Oswal

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Canara Bank reported a steady operating performance with net interest income growth of 10% YoY (7% miss). Healthy treasury gains and traction in fee income led to 13% beat in total revenue (16% YoY).

Margin contracted 15 basis points QoQ to 2.8% while pre-provision operating profit grew 21% YoY (18% YoY rise in core PPoP).

On the business front, Canara Bank witnessed strong demand momentum as it clocked 6% QoQ/15% YoY growth in advances. Growth was driven by the corporate segment with a sharp jump of 8.9% QoQ.

Thus, the share of corporate in mix improved 160 bps to 46.6%. Deposits, conversely, grew 3% QoQ led by term deposits as current account and savings account deposits saw a sequential decline of 2%.

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