Canara Bank Q4 Results: Net Profit Jumps 18.33% To Rs. 3,757 Cr; Rs. 16.10 Dividend Declared

Canara Bank released its financial results on Wednesday for the quarter and year that ended on March 31, 2024. While net interest income (NII) climbed 11.18% YoY in Q4FY24, the bank's net profit jumped 18.33% to Rs. 3,757 cr. The bank's return on assets jumped by 20 basis points to 1.01%, while its gross advances jumped by 11.34% to Rs. 9,60,602 cr. Canara Bank's Provision Coverage Ratio (PCR) jumped by 179 basis points to 89.10% in Q4FY24, while credit costs decreased by 21 basis points to 0.96%.

The bank's return on equity was up 257 basis points to 22.06%, while its net interest margin rose by 10 basis points to 3.05% in the quarter under review.

Canara Bank said that as of March 2024, its global business had grown by 11.31% (y.o.y.) to Rs 2272968 cr. Global Deposits accounted for 11.29% of this growth, while Global Advance (gross) was at Rs 960602 cr, up 11.34% year on year. As of March 2024, the bank's domestic deposit has grown to Rs 1214951 Cr, representing 10.98% (y.o.y) growth. As of March 2024, the bank's domestic advances (gross) climbed by 11.06% (y.o.y.) to Rs 908182 Cr. The Net Non-Performing Assets (NNPA) ratio dropped to 1.27% as of Mar 2024 from 1.32% as of Dec 2023 and 1.73% as of Mar 2023, according to Canara Bank. The Gross Non-Performing Assets (GNPA) ratio fell to 4.23% as of Mar 2024 from 4.39% as of Dec 2023 and 5.35% as of Mar 2023.

"The Board of Directors has recommended a dividend of Rs. 16.10 per equity share (i.e.161% of face value of Rs 10 per share) for the year ended on 31.03.2024 subject to requisite approvals," said Canara Bank in a regulatory filing.
"Record Date for payment of Dividend will be Monday, 17th June 2024. The payment of dividend is subject to the approval of Shareholders at the ensuing Annual General Meeting of the Bank," said Canara Bank in a stock exchange filing on Wednesday.

The 22nd Annual General Meeting (AGM) of the bank is scheduled to be held on Friday, 28th June 2024.

As of March 31, 2024, the bank has 9604 branches, including 10209 ATMs and 3103 rural, 2751 semi-urban, 1907 urban, and 1843 metro branches. In addition, the bank maintains four overseas branches: one each in Gift City, Gujarat; London; New York; and Dubai.