₹₹₹₹₹₹Private sector lender Canara Bank on Wednesday reported its March 2024 quarter net profit at ₹3,757 crore, up 18% year-on-year (YoY).
The figure was in line with CNBC-TV18's estimate of3,753.6 crore.
The same was3,174.7 crore in the same quarter last year.The bank's net interest income (NII), the difference between interest earned and interest expended, grew 11% YoY to9,580 crore for the reporting quarter.
It was8,616.8 crore in the corresponding quarter of last year.Canara Bank improved its asset quality over a year ago period as gross non-performing assets (GNPA) ratio reduced to 4.23% in the quarter under review, as against 4.39% in a quarter ago period, and 5.35% in a year ago period.The lender's net NPA ratio stood at 1.27% as on March 31, 2024, compared to 1.32% in the last quarter and 1.73% in a year-ago period.The provision coverage ratio (PCR) stood at 89.10% as of March 2024 as against 89.01% as of December 2023, 87.31% as of March 2023.Canara Bank's loan growth was weak.
Its guidance for loan growth is weaker for FY25 as against FY24 loan growth.Deposit growth of 10% (11.3% in FY24)Advances growth of 10% (11.34% in FY24)CASA ratio at 33% vs 32.29% in FY24NIM at 2.9% vs 3.05% in FY24GNPA ratio at 3.5% vs 4.23% in FY24NNPA ratio at 1.1% vs 1.27% in FY24Slippage ratio at 1.3% vs 1.28% in FY24Credit cost at 1.1% vs 0.96% in FY24ROA at 1% vs 1.01% in FY24ROE at 18% vs 22.06% in FY24The bank has also recommended a dividend of16.10 per equity share of face value of10 each to the shareholders for the year 2023-24.Record Date for payment of dividend will be Monday, June 17, 2024, the bank said.This will result in a dividend payout of 161%, the lender said in a regulatory filing.The dividend will be subject to the approval of shareholders at the ensuing Annual General Meeting of the bank.Shares of Canara Bank Ltd. were 3% off highs after the bank said on mixed FY25 outlook.
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Private sector lender Canara Bank on Wednesday reported its March 2024 quarter net profit at ₹3,757 crore, up 18% year-on-year (YoY). The figure was in line with CNBC-TV18's estimate of3,753.6 crore. The same was3,174.7 crore in the same quarter last year.The bank's net interest income (NII), the difference between interest earned and interest expended, grew 11% YoY to9,580 crore for the reporting quarter. It was8,616.8 crore in the corresponding quarter of last year.Canara Bank improved its asset quality over a year ago period as gross non-performing assets (GNPA) ratio reduced to 4.23% in the quarter under review, as against 4.39% in a quarter ago period, and 5.35% in a year ago period.The lender's net NPA ratio stood at 1.27% as on March 31, 2024, compared to 1.32% in the last quarter and 1.73% in a year-ago period.The provision coverage ratio (PCR) stood at 89.10% as of March 2024 as against 89.01% as of December 2023, 87.31% as of March 2023.Canara Bank's loan growth was weak. Its guidance for loan growth is weaker for FY25 as against FY24 loan growth.Deposit growth of 10% (11.3% in FY24)Advances growth of 10% (11.34% in FY24)CASA ratio at 33% vs 32.29% in FY24NIM at 2.9% vs 3.05% in FY24GNPA ratio at 3.5% vs 4.23% in FY24NNPA ratio at 1.1% vs 1.27% in FY24Slippage ratio at 1.3% vs 1.28% in FY24Credit cost at 1.1% vs 0.96% in FY24ROA at 1% vs 1.01% in FY24ROE at 18% vs 22.06% in FY24The bank has also recommended a dividend of16.10 per equity share of face value of10 each to the shareholders for the year 2023-24.Record Date for payment of dividend will be Monday, June 17, 2024, the bank said.This will result in a dividend payout of 161%, the lender said in a regulatory filing.The dividend will be subject to the approval of shareholders at the ensuing Annual General Meeting of the bank.Shares of Canara Bank Ltd. were 3% off highs after the bank said on mixed FY25 outlook.
