Canara Bank’s fourth quarter net income up 65% to Cr1,666

The state-owned Canara Bank on Friday reported a 65% rise in its independent net profit to £1,666.22 billion for the quarter ending March 2022.

The Bengaluru-headquartered bank reported a net profit of ₹1,010.87 million in the same quarter a year ago.

The bank’s total revenue for the January-March 2021-22 period rose to £22,323.11 billion from £21,040.63 billion in the same period 2020-21, Canara Bank said in a regulatory filing.

In terms of asset quality, the bank’s non-performing assets (NPAs) or bad loans (gross) fell to 7.51% of gross advances at the end of March 2022, down from 8.93% at the end of March 2021.

By value, gross NPAs were worth £55,651.58 million compared to £60,287.84 million.

Net NPAs improved over the quarter to 2.65% (£18,668.02 billion) from 3.82% (£24,442.07 billion).

Provisions and contingent liabilities for the quarter were higher at ₹3,708.68 billion compared to ₹3,652.18 billion accrued for the prior-year period. Of this, the provision for bad loans was ₹2,129.73 billion for Q4FY22.

For full year FY22 the bank reported more than doubling its standalone net profit to £5,678.42m compared to £2,557.58m in FY21.

Total revenue increased from ₹84,204.78 billion to ₹85,907.15 billion for the year.

The bank’s board has recommended a dividend of £6.50 per share for 2021-22, the lender said. It is subject to shareholder approval at the bank’s next annual general meeting.

Canara Bank shares were trading on the BSE at ₹214.05 a share, down 4.72% from the previous close.

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