Canara Bank net profit rises 18% to Rs 3,757 crore in March quarter

Canara Bank Q4 earnings: State-run lender - Canara Bank on Wednesday reported financial results for the fourth quarter, indicating a 18 per cent rise in net profit. The bank disclosed a Q4FY24 net profit of Rs 3,757 crore, an increase compared to the preceding quarter's figure of Rs 3,175 crore.

In a move favourable for shareholders, Canara Bank announced a dividend of Rs 16.10 per share. The bank's interest earned for the quarter amounted to Rs 28,807 crore, showcasing a healthy growth trajectory from the previous quarter's Rs 23,910 crore.

Canara Bank showed resilience in managing its asset quality. The gross non-performing assets (NPA) ratio for the quarter stood at 4.23 per cent, a marginal improvement from the previous quarter's 4.39 per cent.

Furthermore, the bank's prudent provisioning and contingency management were evident as provisions and contingencies decreased to Rs 2,482 crore, down from Rs 3,095 crore in the previous quarter.

Canara Bank's proactive approach towards addressing non-performing assets is reflected in its allocation of Rs 2,280 crore for provisions for NPA, slightly lower than the previous quarter's Rs 2,399 crore. Moreover, the bank's net NPA ratio decreased to 1.27 per cent from the previous quarter's 1.32 per cent, underscoring its efforts to strengthen its balance sheet.

Canara Bank shares fell 2.47 per cent to Rs 562.60 after the earnings announcement.