Canara Bank shares Q4 results, declares Rs 16.90 dividend; Jhunjhunwala stock up 2%

Canara Bank shares Q4 results, declares Rs 16.90 dividend; Jhunjhunwala stock up 2%

Canara Bank on Wednesday said its standalone net profit climbed 18.33 per cent year-on-year (YoY) to Rs 3,757.23 crore for the March quarter compared with Rs 3,174.74 crore in the same quarter last year. Net interest income (NII) for the PSU bank rose 11.18 per cent to 9,580 crore. Net interest margin (NIM) came in at 3.05 per cent.

Interest earned for the public sector lender rose to Rs 28,807.35 crore from 23,909.80 crore in the corresponding quarter last year. Provisions jumped sequentially to Rs 2,481.82 crore compared with Rs 1,898.91 crore but were lower than year-ago’s 3,094.95 crore.

Rekha Jhunjhunwala held 26,317,400 shares, or 1.45 per cent stake, in the bank as on March 31.

The bank said its gross NPA (%) came in at 4.23 per cent against 4.39 per cent in December and 5.35 per cent in the year-ago quarter. Operating margin came in at 21.71 per cent against 21.05 per cent in December and 25.28 per cent in the yea-ago quarter.

Canara Bank said its annualised return on asset on asset stood at 1.03 per cent against 1.01 per cent in December and 0.95 per cent in the year-go quarter.

>Global business stood at Rs. 22,72,968 cr grew 11.31%.

>Gross Advances stood at Rs. 9,60,602 cr grew 11.34%.

Canara Bank said its global Deposit stood at Rs 13,12,366 crore, up 11.29 per cent. Provision Coverage Ratio (PCR) came in at 89.10 per cent, up  179 basis points. Credit Cost stood at 0.96 per cent, down 21 bps.  RAM Credit grew 13.52 per cent; Retail credit grew 11.68  per cent, with Housing loan at 10.81  per cent and Vehicle loan at 14.03 per cent.

“Agriculture & Allied grew 18.69 per cent with Portfolio amount of Rs.2,53,206 cr. Net Interest Margin stood at 3.05 per cent improved by 10 bps. Return on Equity stood at 22.06% improved by 257 bps,” the bank said.

Canara Bank dividend

The bank board recommended a dividend of Rs 16.10 per equity share for the year 2023-24, subject to the approval of shareholders at the ensuing Annual General Meeting of the bank.

Canara Bank jumped 3.75 per cent to it a high of Rs 598.50 but saw some selling pressure post Q4 results. The bank stock was later trading 2.18 per cent higher at Rs 589.40.

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