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The cumulative NIM for the previous year was 2.92, but in the current quarter, the bank achieved a NIM of 3.05.
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The bank's portfolio is 52% MCR-linked, which contributes to good interest yields on advances despite the stress on interest expenses due to higher rates.
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Even if the repo rate comes down, it will only impact 34% of the bank's advances, and NIM is not expected to fall below 3%.
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Canara Bank is confident in managing its NIM at around 3%.
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The bank experienced a rise in the cost of funds since October and has reached the peak interest expenses.
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Focus on CASA (Current Account Savings Account) with innovative products launched in the last quarter, resulting in significant contributions to the balance sheet (Rs 3,300 crore in the last four months).
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Canara Bank continues to prioritize new initiatives aimed at CASA and repricing bulk deposits during periods of interest softening.
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The bank's cost of funds remains under watch due to the ongoing high-interest rate regime.
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Next steps