Canara Bank standalone net profit jumps 65% in Q4 to reach Rs 1,666 crore

The Bengaluru-based bank registered a 65 per cent jump in its Q4 standalone net profit

State-owned Canara Bank on Friday reported a 65 per cent jump in its standalone net profit at Rs 1,666.22 crore for quarter ended March 2022.

The Bengaluru-headquartered bank had posted a net profit of Rs 1,010.87 crore in the same quarter a year ago.

Total income of the bank in the January-March period of 2021-22 rose to Rs 22,323.11 crore, from Rs 21,040.63 crore in the same period of 2020-21, Canara Bank said in a regulatory filing.

On the asset quality front, the bank's gross non-performing assets (NPAs) or bad loans fell to 7.51 per cent of the gross advances at the end of March 2022, as against 8.93 per cent at the end of March 2021.

In value terms, the gross NPAs were worth Rs 55,651.58 crore, down from Rs 60,287.84 crore.

Net NPAs also got better at 2.65 per cent (Rs 18,668.02 crore) in the quarter under review, from 3.82 per cent (Rs 24,442.07 crore).

Provisions and contingencies for the quarter were higher at Rs 3,708.68 crore, as against Rs 3,652.18 crore put aside for the year-ago period. Of this, the provision for bad loans stood at Rs 2,129.73 crore for Q4FY22.

For full year FY22, the bank reported more than doubling of its standalone net profit at Rs 5,678.42 crore, as against Rs 2,557.58 crore in FY21.

Total income during the year grew to Rs 85,907.15 crore, from Rs 84,204.78 crore.

The board of the bank has recommended a dividend of Rs 6.50 per equity share for the year 2021-22,, the lender said. It is subject to the approval of shareholders at the bank's ensuing annual general meeting.

Shares of Canara Bank were trading at Rs 214.05 apiece on BSE, down by 4.72 per cent from previous close.