The company said on Wednesday that absolute net profit rose 18.33 percent year-on-year to Rs 3,757.23 crore in the March quarter, compared to Rs 3,174.74 crore in the same quarter last year. Public Sector Bank’s net interest income (NII) rose 11.18 percent to Rs 9,580 crore. The net interest margin (NIM) was 3.05 percent.
The interest of state creditors rose to 28,807.35 billion from 23,909.80 billion in the same quarter last year. Reserves increased to 2,481.82 crore from 1,898.91 crore, but it was 3,094.95 crore in the previous year.
As of March 31, Rekha Jhunjhunwala held 26,317,400 shares or a 1.45 percent stake in the bank.
The bank’s gross NPA (%) was 4.23 percent, compared to 4.39 percent in December and 5.35 percent a year ago. The operating profit ratio was 21.71 percent, up from 21.05 percent in December and 25.28 percent, in the previous quarter.
Canara Bank’s annual return on assets was 1.03 percent, up from 1.01 percent in December and 0.95 percent in the quarter.
Global trade increased by 22,72,968 million, 11.31%.
Total advances at 9,60,602 crores with an increase of 11.34%.
Canara Bank has reported that its global deposit balance increased by 11.29% to Rs 13,123.66 crore. The supply coverage ratio (PCR) increased by 179 units to 89.10%. Borrowing costs fell by 21 points to 0.96%. RAM balances increased by 13.52%. Personal loan increased by 11.68%, home loan increased by 10.81% and car loan increased by 14.03%.
“Agriculture and allied industries 18.69 per cent with a portfolio value of ₹2,53,206 crore, representing 3.05 per cent, an improvement of 10 points from 22 per cent,” the bank said. He said an improvement of 257 basis points.
Canara Bank Dividend
The bank’s board has proposed a dividend of Rs 16.10 per share for the year 2023-24, subject to shareholder approval at the bank’s next annual general meeting.
Canara Bank rose 3.75 percent to Rs 598.50 but faced selling pressure after fourth-quarter results. Later, the bank’s shares rose 2.18 percent to Rs 589.40.
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