Canara Bank Q4 Results: 18% Profit Surge & Dividend Announcement
Canara Bank Q4 Results: 18% Profit Surge & Dividend Announcement | March 2024.
Canara Bank Q4 Results: Discover Canara Bank’s Q4 2024 results with an 18% profit increase, dividend declaration, and key financial insights. Stay updated on the latest developments.
Canara Bank’s profit increased by 18 percent, and investors got the gift of a dividend after the increase in earnings.
Public sector Canara Bank today announced its March quarter results. The bank said that its performance in the fourth quarter of FY 24 has been good.
The total profit of the bank has increased by 18 percent this quarter. The bank has also announced dividends for the shareholders.
Canara Bank Q4 Result: Canara Bank quarterly results.
The bank said that the net profit in the March quarter was Rs 3757.2 crore.
Every quarter, the bank’s profit has increased from Rs 1,899 crore to Rs 2,482 crore. It had earned a net profit of Rs 3,175 crore in the year-ago period.
Canara Bank said in a regulatory filing that the bank’s total income rose to Rs 34,025 crore during the March quarter from Rs 28,685 crore a year ago.
Canara Bank’s interest income increased to Rs 28,807 crore in the March quarter, which was Rs 23,910 crore in the same quarter a year ago.
The bank’s gross NPA reduced from 5.35 percent by the end of March 2023 to 4.23 percent of gross advances by March 31, 2024.
Apart from this, net NPA also reduced from 1.73 percent to 1.27 percent of advances at the end of 2024.
Canara Bank’s bad loan provision declined to Rs 2,280 crore in the quarter, compared to Rs 2,399 crore during the same quarter a year ago.
Canara Bank’s CRAR declined marginally to 16.28 percent as of March 31, 2023, from 16.68 percent.
The bank announced a dividend of Rs 6.1 per share for the shareholders. Last year, on June 14, 2023, the bank had given a dividend of Rs 12 to the shareholders.
This time the highest dividend is being given by the bank. Today Canara Bank shares are trading with a slight decline. At the time of writing the news, Canara Bank Share was trading at Rs 566.50 per share.
