Canara Bank Q4 Results: Q4 net profit rises 18% YoY to ₹3,757 crore
Upstox
2 min read • Updated: May 8, 2024, 5:41 PM
Summary
Canara Bank Q4 Results: Canara Bank reported an 18% jump in net profit to ₹3,757 crore for Q4 2023-24. Interest income and total income also rose. The bank's asset quality improved, with Gross NPAs falling to 4.23%. Despite positive results, the share price dropped over 22% on May 8, 2024.
Canara Bank Q4 Results: State-owned Canara Bank on Wednesday reported an 18% rise in its net profit to ₹3,757 crore during the fourth quarter ended March 2024.
The Bengaluru-based lender had earned a net profit of ₹3,175 crore in the year-ago period. During the quarter, the bank's total income increased to ₹34,025 crore as against ₹28,685 crore a year ago, Canara Bank said in a regulatory filing. Interest income grew to ₹28,807 crore during the period under review from ₹23,910 crore in the corresponding quarter a year ago.
The bank's board recommended a dividend of ₹16.10 per equity share (i.e.,161%) of face value of ₹10 each to the shareholders for 2023-24, subject to approval at the ensuing Annual General Meeting.
On the asset quality side, the bank's Gross Non-Performing Assets (NPAs) moderated to 4.23% of gross advances as of March 31, 2024, from 5.35% by the end of March 2023. Net NPAs also came down to 1.27% of the advances from 1.73% at the end of 2024.
As a result, provision for bad loans declined to ₹2,280 crore as against ₹2,399 crore earmarked during the same quarter a year ago. Capital Adequacy Ratio (CRAR) marginally declined to 16.28% over 16.68% on March 31, 2023, with a Tier 1 ratio of 11.58% as on March 31, 2024.
At 2:41 PM, shares of Canara Bank traded 22.54% lower at ₹562.10 apiece on NSE on 8 May, 2024.
This article has been sourced directly from the PTI news feed. Except for the headline and summary, no other changes have been made.