Canara Bank’s net profit grew to Rs 3,757.23 crore in the last quarter of FY24 from Rs 3,174.74 crore in the same period a year ago, up 18.3% on year.
Its net interest income came in at Rs 9,580 crore, an increase of 11.18% on year in Q4 FY24 from Rs 8,616 crore the bank reported in Q4 of FY23.
Announces Dividend
Canara Bank has recommended a dividend of Rs 16.10 per equity share, subject to the shareholders’ approval. “Recommended a final dividend of Rs. 6.50 per equity share of the face value of Rs 2 each (at the rate of 325%) for the financial year ended March 31, 2024,” said Canara Bank in an exchange filing.
Canara Bank’s Asset Quality
The bank’s gross non-performing assets (GNPA) ratio was reduced to 4.23% in Q4 of FY24 compared to 5.53% it reported in Q4 of FY23. Its net NPA ratio declined to 1.27% in the quarter ending March of FY24 from 1.73% it posted in Q4 of FY23. Canara Bank’s provision coverage ratio (PCR) stood at 89.10% in Q4 FY24 in comparison to 87.31% in Q4 FY23.