Canara Bank Q4 results, Net Profit up by 18.33% YoY

The quarterly result of Canara Bank shows that Net Profit stood at Rs. 3,757 crore, which grew by 18.33%. The Provision Coverage Ratio (PCR) is at 89.10% improved by 179 bps. Net-Interest Income also grew by 11.18%. Gross NPA Ratio stood at 4.23% down by 112 bps.

The Board of Directors has recommended a dividend of Rs. 16.10 per equity share (i.e.161% of the face value of Rs 10 per share) for the year ended on 31.03.2024 subject to requisite approvals.

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Global business increased by 11.31% year-over-year, reaching Rs 2272968 crore as of March 2024. Global deposits also increased by 11.29% year-over-year, reaching Rs 1312366 crore, and global advances (gross) increased to Rs 960602 crore, up by 11.34% year-over-year. The gross non-performing assets (GNPA) ratio decreased to 4.23% as of March 2024 from 4.39% as of December 2023, and 5.35% as of March 2023. The net non-performing assets (NNPA) ratio also decreased to 1.27% as of March 2024 from 1.32% as of December 2023, and 1.73% as of March 2023.

In terms of Capital Adequacy, CRAR stood at 16.28% as at Mar 2024 (15.78% as at Dec 2023). Out of which Tier-I is 13.95% (13.38% as at Dec 2023), CET1 is 11.58% (11.28% as of Dec 2023) and Tier-II is 2.33% (2.40% as of Dec 2023)

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The Bank has achieved Targets in Priority Sector at 46.08% and Agricultural Credit at 22.71% of ANBC as at Mar 2024, as against the norm of 40% and 18% respectively.

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