The net profit of public sector Canara Bank for the fourth quarter of the last financial year (2023-24) has increased by 18 percent to Rs 3,757 crore. This Bengaluru-based bank had earned a profit of Rs 3,175 crore in the fourth quarter (January-March) of the financial year 2022-23. Canara Bank informed the stock market on Wednesday that its total income increased to Rs 34,025 crore in the quarter under review, which was Rs 28,685 crore in the same quarter last year. Interest income increased to Rs 28,807 crore from Rs 23,910 crore in the same quarter last year.
Recommendation to give dividend of Rs 16.10
According to the news, the board of directors of the bank has recommended to the shareholders a dividend of Rs 16.10 (i.e. 161 percent) on every share of face value of Rs 10 for the financial year 2023-24. For this, approval is required in the upcoming Annual General Meeting (AGM). In terms of asset quality, the bank’s gross non-performing assets (NPAs) stood at 4.23 per cent of total advances as of March 31, 2024.
Net NPA also reduced
By the end of March 2023, the bank’s gross NPA was 5.35 percent. Similarly, net NPA also reduced to 1.27 percent by the end of 2024. A year ago the net NPA of the bank was at 1.73 percent. The bank’s gross NPAs declined by 112 basis points year-on-year and net NPAs declined by 46 basis points year-on-year in the January-March quarter. Canara Bank shares rose 3.41% to Rs 557.20, compared with 0.06% fall in BSE Sensex.
Earlier, Canara Bank had given a dividend of Rs 12 on June 14, 2023. The total dividend for the last financial year will be Rs 16.10 crore, which is Rs 2,920.74 crore. The public sector bank declared just one dividend of Rs 6.5 per share in FY23.
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