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Canara Bank has announced dividend of 6.50 per share for its shareholders. While announcing the Q4FY22 results, the PSU bank reported its net profit in January to March 2022 quarter at 1,670 crore against Q4FY21 net profit of 1,010 crore, logging a year-on-year (YoY) jump of near 65 per cent. Canara Bank's total income in this period has gone up from 21,040 crore in Q4FY21 to 22,320 crore, clocking YoY rise of little more than 6 per cent.

The Canara Bank has been able to achieve this profitability as its NPA provisioning has come down by more than 50 per cent. Its NPA provisioning in Q4FY22 stands at 2,130 crore against its NPA provisioning amount of 4,430 crore in Q4FY21. However, net provisions of the PSU bank has gone up in Q4FY22 to 3,710 crore against 3,650 crore in Q4FY21.

Canara Bank also announced dividend of 6.50 apiece for its shareholders. The PSU bank made this announcement while sharing its Q4FY22 results with Indian exchanges citing, "This is to inform the Stock Exchanges that the Board of Directors of the Bank at its meeting held today on 06.05.2022 (Friday) inter alia has considered and approved the following: 1. Audited Financial Results (Standalone and Consolidated) for the Fourth Quarter / Year ended 31.03.2022. 2. Recommend Dividend of Rs. 6.50/- per equity share (i.e. 65%) of face value of Rs. 10/- each to the shareholders for the year 2021-22, subject to the approval of Shareholders at the ensuing Annual General Meeting of the Bank."

On the asset quality front, the bank's gross non-performing assets (NPAs) or bad loans fell to 7.51 per cent of the gross advances at the end of March 2022, as against 8.93 per cent at the end of March 2021.

In value terms, the gross NPAs were worth 55,651.58 crore, down from 60,287.84 crore.

Canara Bank share price is today down by near 4.50 per cent but after the announcement of Q4FY22 results, the banking stock has surged near 1 per cent from its intraday low of 212.60 per share levels.

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