Canara Bank Q4: Net profit up 90% to ₹3175 cr, dividend declared

State-owned Canara Bank on Monday reported 90.63 per cent rise in standalone net profit to ₹3175 crore for the quarter ended March 2023. This is against a net profit of ₹1,666.22 crore in the corresponding quarter last fiscal.

The net interest income (NII), the difference between interest earned and interest expended, grew by 23.01 per cent to ₹8,616 crore for the quarter under review. It was ₹7,006 crore in the year ago period.

Canara Bank's board has recommended a  dividend of ₹12 per equity share (120%) of face value of ₹10 each for the year ended on 31.03.2023 subject to requisite approvals.

The lender's operating profit stood at ₹7,252 crore during the March quarter, registering a growth of 17% YoY.

Canara Bank improved its asset quality over a year ago period as gross non-performing assets (GNPA) ratio reduced to 5.35% in the March quarter, down from 5.89% at the end of March 2022.

Net non-performing assets (NNPA) ratio has also declined to 1.73% as of March 2023 from 2.65% as of March 2022.

The global business increased by 12 per cent to ₹20.41 lakh crore in March 2023 with global deposits at ₹11.79 lakh crore.

Domestic deposits grew by 6 per cet on a yearly basis to ₹10.94 lakh crore at the end of the quarter. While the retail lending portfolio increased by 11 per cent to ₹1.4 lakh crore, housing loans jumped 14 per cent to ₹84,364 crore on a year-on-year basis.

The lender also said for the year ended in March 2023, the standalone profit rose to ₹10,603.76 crore, from ₹5,678.42 crore.

On a consolidated basis, profit for the year ended in March 2023, rose from ₹5,795.10 crore to ₹10,807.80 crore in 2022-23.

The company's scrip was trading 1.40 per cent down at ₹314.10 on BSE.