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Q2FY19: Canara Bank has 9.8M mobile users; Union Bank has 2.5M

In this report, we take a look at Canara Bank and Union Bank’s earnings for the quarter Q2FY19. Both banks have historically shied away from releasing information about digital performances. Canara Bank Canara Bank reported a 15.3% rise in its net profit to Rs 300 crore in the quarter ending September 30, 2018 (Q2FY19), as compared to Rs 260.1 crore in the corresponding quarter last year. The bank's Net Interest Income (NII) fell by 15.5% to Rs 3281 crore in Q2FY19, although it surged by 17.89% YoY from Rs 2783 crore. Internet & Mobile Banking – Internet Banking: The bank reported 5.4 million users at the end of September 30, 2018, as against 5.09 million users at the end of June 2018. – Mobile Banking: The bank had 9.8 million users in Q2 FY19 as compared to 9.56 million users in the previous quarter. RuPay Cards issued In this quarter, the number of RuPay cards issues remained flat over the last quarter at 4.2 million cards. RuPay is India’s payments system for enabling financial transactions, and is similar to Visa and Mastercard. Aadhaar seeding The bank said it seeded 4.1 million bank accounts with Aadhaar, as compared to 3.7 million accounts in the same quarter last year. Other data: The bank said that it has 45.8 million debit card users at the end of June, as compared to 45.2 million users in the previous quarter. It had a network of 9,207 ATMs, as compared to 9,221 ATMs in the previous…

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