Canara Bank FY24 March qtr profit surges 18% YoY to Rs 3,757 cr; Rs 16.10 per equity share dividend declared
Mumbai: Canara Bank reported a robust performance for the March quarter, with standalone net profit increasing by 18.33% year-on-year to Rs 3,757.23 crore, compared to Rs 3,174.74 crore in the same quarter last year.
The bank's net interest income (NII) also saw a rise of 11.18% to Rs 9,580 crore, while the net interest margin (NIM) stood at 3.05%.
Interest earned by the bank surged to Rs 28,807.35 crore from Rs 23,909.80 crore in the corresponding quarter last year.
Provisions increased sequentially to Rs 2,481.82 crore from Rs 1,898.91 crore, although they were lower than the year-ago figure of Rs 3,094.95 crore.
As of March 31, Rekha Jhunjhunwala held 26,317,400 shares, representing a 1.45% stake in the bank.
Canara Bank also reported improvements in its asset quality, with gross non-performing assets (NPAs) declining to 4.23% from 4.39% in December and 5.35% in the year-ago quarter.
The operating margin increased to 21.71% from 21.05% in December, though it was lower than the 25.28% reported in the year-ago quarter.
The global business of Canara Bank reached Rs. 22,72,968 crore, marking an 11.31% growth.
Gross advances amounted to Rs. 9,60,602 crore, showing an 11.34% increase.
Additionally, the bank reported that its global deposits reached Rs. 13,12,366 crore, reflecting an 11.29% rise.
The Provision Coverage Ratio (PCR) stood at 89.10%, showing an increase of 179 basis points, while the credit cost decreased to 0.96%, down by 21 basis points.
In terms of credit growth, Retail, Agriculture & MSME (RAM) credit expanded by 13.52%, while retail credit grew by 11.68%.
Within retail credit, housing loans increased by 10.81%, and vehicle loans surged by 14.03%.
Agriculture & Allied grew 18.69 per cent with Portfolio amount of Rs.2,53,206 cr.
Net Interest Margin stood at 3.05 percent improved by 10 bps.
Return on Equity stood at 22.06% improved by 257 bps.
The bank's annualized return on assets stood at 1.03%, showing an improvement from 1.01% in December and 0.95% in the year-ago quarter.
The bank's board proposed a dividend of Rs 16.10 per equity share for the fiscal year 2023-24. This recommendation is subject to approval by the shareholders at the upcoming Annual General Meeting of the bank.
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