Canara Bank Q4 Results: Net profit of Canara Bank increased by 65 per cent to Rs 1666.22 crore in the March quarter.
State-owned bank Canara Bank on Friday reported a 65 per cent increase in its standalone net profit for the March 2022 quarter. Canara Bank reported a net profit of Rs 1,666.22 crore in the March quarter. The bank had made a net profit of Rs 1,010.87 crore in the same quarter a year ago.
Increase in total income
In an exchange filing, the bank said that the total income of the bank increased to Rs 22,323.11 crore in the January-March quarter of 2021-22 from Rs 21,040.63 crore in the same period of 2020-21.
On the asset quality front, the bank’s gross non-performing assets (NPAs) or bad loans declined to 7.51 per cent of gross advances at the end of March 2022, as against 8.93 per cent at the end of March 2021. Gross NPA by value was Rs 55,651.58 crore, down from Rs 60,287.84 crore in Canara Bank Gross NPA.
Net NPAs also improved by 2.65 per cent (Rs 18,668.02 crore) to 3.82 per cent (Rs 24,442.07 crore) in the quarter under review.
Provisions and contingencies for the March quarter stood at Rs 3,708.68 crore, as against Rs 3,652.18 crore set aside for the year-ago period. Out of this, the provision for bad loans was Rs 2,129.73 crore for Q4FY22.
For the full year of FY 2022, the bank more than doubled its standalone net profit to Rs 5,678.42 crore as against Rs 2,557.58 crore in FY21.
Declaration of dividend
The board of the bank has recommended a dividend of Rs 6.50 per equity share for the year 2021-22. Canara Bank total income increased from Rs 84,204.78 crore to Rs 85,907.15 crore during the year.