Public sector bank Canara Bank on Monday reported March quarter net profit at Rs 3,232.84 crore, up 64.2 per cent from Rs 1,969.04 crore in the same quarter last year. It posted total income of Rs 31,774.04 crore in the fourth quarter of FY23, up 29.6 per cent from Rs 24,518.42 crore during Q4FY22. The Board also recommended a dividend of Rs 12 per equity share (that is, 120 per cent) of face value of Rs 10 each to the shareholders for the year 2022-23. “Record Date for payment of Dividend will be Wednesday, 14th June 2023,” it said in a regulatory filing. Canara Bank added provisions worth Rs 3,097.61 crore in the fourth quarter of FY23. The Net interest income (NII) for the quarter grew 23 per cent on-year to Rs 8,616 crore.
Canara Bank’s segment wise performance
In terms of various segments, Canara Bank’s treasury operations clocked revenue at Rs 5,123.54 crore in the fourth quarter, retail banking operations posted Rs 14,232.94 crore revenue, wholesale banking operations showed revenue of Rs 10,227.24 crore in Q4FY23, and life insurance operations recorded revenue at Rs 2,190.32 crore.
Canara Bank’s global business increased by 11.72 per cent on-year to Rs 20,41,764 crore with Global Deposits at Rs 11,79,219 crore and Global Advance (gross) at Rs 8,62,782 crore. Meanwhile, the domestic deposit of the Bank stood at Rs 10,94,746 crore in the March quarter with growth of 6.52 per cent on-year. Domestic Advances (gross) of the Bank stood at Rs 8,17,762 crore. Retail lending portfolio increased 10.91 per cent on-year to Rs 1,40,051 crore. Housing loan portfolio increased 14.27 per cent on-year to Rs 84,364 crore. Also, advances to agriculture grew by 21.24 per cent YoY.
Canara Bank improved its asset quality as Gross Non-Performing Assets (GNPA) ratio reduced to 5.35 per cent during the quarter ended March 2023, down from 5.89 per cent in the previous quarter. Net Non-Performing Assets (NNPA) ratio reduced to 1.73 per cent as at March 2023 down from 1.96 per cent as at Dec 2022 and 2.65 pr cent as at Mar 2022. Provision Coverage Ratio (PCR) stood at 87.31 per cent.
Canara Bank has presence across 9706 branches, out of which 3048 are rural, 2742 semi-urban, 1991 urban and 1925 metro along with 10726 ATMs. It also has three overseas branches in London, New York and Dubai.