Canara Bank Q4 Result: Public sector lender Canara Bank reported on Wednesday that its net profit increased by 18% to Rs 3,757 crore during the fourth quarter ended March 2024. The Bengaluru-based lender had reported a net profit of Rs 3,175 crore in the same period last year. Canara Bank said in a regulatory filing that during the quarter, the bank's total income increased to Rs 34,025 crore from Rs 28,685 crore in the year-ago period.
Interest income rose to Rs 28,807 crore in the quarter under review from Rs 23,910 crore in the same quarter last year. The bank's board has recommended a dividend of Rs 16.10 per equity share (i.e., 161 percent) at a face value of Rs 10 to shareholders for 2023-24, subject to approval in the upcoming annual general meeting.
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In terms of asset quality, the bank's gross non-performing assets (NPAs) decreased from 5.35 percent at the end of March 2023 to 4.23 percent of gross advances by March 31, 2024.
Net NPA also declined from 1.73 percent of advances to 1.27 percent at the end of 2024. As a result, provision for bad loans decreased to Rs 2,280 crore, compared to Rs 2,399 crore set during the same quarter a year ago. Capital Adequacy Ratio (CRAR) declined marginally to 16.28 percent from 16.68 percent as on March 31, 2023, Tier 1 ratio was 11.58 percent as on March 31, 2024.
(With PTI's Input)
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