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Canara Bank Q4 PAT grows 18% YoY to Rs 3,757 cr

08-May-24 15:20 Hrs IST

Net interest income grew by 11.18% to Rs 9,580 crore in Q4 FY24 as against Rs 8,617 crore posted in Q4 FY23. Net interest margin improved to 3.05% during the quarter as compared to 2.95% recorded in the corresponding quarter last year.

Operating profit stood at Rs 7,387 crore in the March quarter, up 1.86% YoY. Operating margin reduced to 21.71% in Q4 FY24 from 25.28% registered in Q4 FY23.

Provisions amounted to Rs 3,630 crore in Q4 FY24, down 10.96% from Rs 4,077 crore posted in Q4 FY23.

On full year basis, the company?s net profit climbed 37.26% to Rs 14,554.33 crore on 22.96% jump in total income to Rs 1,27,654.37 crore in FY24 over FY23.

On the asset quality front, gross non-performing assets (NPAs) ratio declined to 4.23% as on 31 March 2024 as against 5.35% as on 31 March 2023.

Net NPA ratio reduced to 1.27% as of 31 March 2024 as compared to 1.73% as on 31 March 2023.

Provision coverage ratio (PCR) improved to 89.10% as on 31 March 2024 as against 87.31% as on 31 March 2023.

Domestic deposits of the bank stood at Rs 12,14,951 crore as on 31 March 2024, up 10.98% YoY. Domestic advances (gross) grew by 11.06% YoY to Rs 9,08,182 crore as at 31 March 2024.

The bank?s CASA deposits increased by 7.06% to Rs 3,92,327 crore as on 31 March 2024 as compared to Rs 3,66,472 reported as on 31 March 2023.

The bank's global business stood at Rs 22,72,968 crore as on 31 March 2024, registering a growth of 11.31% YoY.

CRAR stood at 16.28% as at 31 March 2024. Out of which tier-I is 13.95%, CET1 is 11.58% and tier-II is 2.33%

Meanwhile, the bank?s board has recommended a dividend of Rs 16.10 per equity share for FY24, subject to the approval of shareholders.

Canara Bank is an Indian public sector bank. As on 31 March 2024, the bank has 9,604 Number of Branches, out of which 3,103 are Rural, 2,751 SemiUrban, 1,907 Urban & 1,843 Metro along with 10,209 ATMs. Bank is also having 4 International Branches in London, New York, Dubai and Gift City, Gujarat.

Shares of Canara Bank shed 0.40% to Rs 557.25 on the BSE.

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