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Business News/ Companies / Company Results/  Canara Bank Dividend: Board recommends dividend of 16/equity share; details here
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Canara Bank Dividend: Board recommends dividend of ₹16/equity share; details here

Canara Bank reported an 18 per cent rise in net profit to ₹3,757 crore during the March quarter due to improvement in core income and reduction in bad loans.

Canara Bank called off move to divest its entire shareholding in Canfin Homes after receiving lower than expected price quotation. Photo: Pradeep Gaur/MintPremium
Canara Bank called off move to divest its entire shareholding in Canfin Homes after receiving lower than expected price quotation. Photo: Pradeep Gaur/Mint

State-owned Canara Bank on Wednesday, May 8 announced its January-March quarter results for fiscal 2023-24 (Q4FY24) and recommended a dividend of 161 per cent at 16.10 per equity share of the face value of 10 each to the shareholders for 2023-24. The dividend is subject to approval at the bank's upcoming annual general meeting.

‘’Board recommended dividend of Rs.16.10/- per equity share (i.e., 161 per cent) of face value of Rs.10/- each to the shareholders for the year 2023-24, subject to the approval of Shareholders at the ensuing Annual General Meeting,'' said Canara Bank in a regulatory filing to the stock exchanges.

Also Read: Canara Bank sets May 15 as record date for 1:5 stock split. Details here

The public-sector bank (PSB) reported an 18 per cent rise in net profit to 3,757 crore during the March quarter due to improvement in core income and reduction in bad loans. The Bengaluru-based lender had earned a net profit of 3,175 crore in the year-ago period.

During the quarter, the bank's total income increased to 34,025 crore as against 28,685 crore a year ago, Canara Bank said in a regulatory filing. The interest income grew to 28,807 crore during the period under review from 23,910 crore in the corresponding quarter a year ago.

Also Read: Canara Bank share: Experts give 'buy' tag despite Rekha Jhunjhunwala, LIC trimming stake in this PSU bank share

The net interest income of the bank increased to 9,580 crore as against 8,617 crore in the same quarter a year ago. For the entire FY24, the net profit of the bank rose by 37 per cent to 14,554 crore compared to 10,604 crore in FY23.

On the asset quality side, the bank's Gross Non-Performing Assets (NPAs) moderated to 4.23 per cent of gross advances as of March 31, 2024, from 5.35 per cent by the end of March 2023. The net NPAs also came down to 1.27 per cent of the advances from 1.73 per cent at the end of 2024. Ahead of the announceement of Q4FY24 results, shares of Canara Bank settled 3.25 per cent lower at 558.10 apiece on the BSE.

 

 

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Saurav Mukherjee
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Published: 08 May 2024, 04:15 PM IST
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