Canara Bank Q4 Results: Net profit jumps 65% at Rs 1,666 cr, board declares dividend

Point out-owned Canara Bank on Friday described a 65 % leap in its standalone internet income at Rs 1,666.22 crore for the quarter ended March 2022.

The Bengaluru-headquartered lender had posted a net gain of Rs 1,010.87 crore in the exact quarter a calendar year in the past.

Complete money of the financial institution in the January-March time period of 2021-22 rose to Rs 22,323.11 crore, from Rs 21,040.63 crore in the very same interval of 2020-21, Canara Bank claimed in a regulatory filing.

On the asset quality front, the bank’s gross non-accomplishing assets (NPAs) or poor financial loans fell to 7.51 % of the gross advancements at the stop of March 2022, as from 8.93 p.c at the stop of March 2021.

In benefit conditions, the gross NPAs had been truly worth Rs 55,651.58 crore, down from Rs 60,287.84 crore.

Internet NPAs also got superior at 2.65 percent (Rs 18,668.02 crore) in the quarter less than evaluation, from 3.82 p.c (Rs 24,442.07 crore).

Provisions and contingencies for the quarter had been greater at Rs 3,708.68 crore, as towards Rs 3,652.18 crore place aside for the yr-back interval. Of this, the provision for terrible loans stood at Rs 2,129.73 crore for Q4FY22.

For complete-year FY22, the bank reported a additional than doubling of its standalone web revenue at Rs 5,678.42 crore, as towards Rs 2,557.58 crore in FY21.

Complete money through the calendar year grew to Rs 85,907.15 crore, from Rs 84,204.78 crore.

The board of the financial institution has encouraged a dividend of Rs 6.50 per fairness share for the 12 months 2021-22, the loan provider stated. It is matter to the approval of shareholders at the bank’s ensuing annual general meeting.

Shares of Canara Financial institution have been buying and selling at Rs 214.05 apiece on BSE, down by 4.72 percent from the previous near.

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