Canara Bank reports turnaround Q4 numbers

The public sector bank's net profit stood at Rs 1010.87 crore in Q4 FY21 compared with net loss of Rs 3,259.33 crore in Q4 FY20.

Total income increased 51.33% to Rs 21,522.60 crore in Q4 FY21 over Q4 FY20. The bank posted a pre-tax profit of Rs 1,568.40 in Q4 FY21 as against pre tax loss of Rs 3,334.51 crore in Q4 FY20. Net interest income grew 9.87% year-on-year (y.o.y) in Q4 FY21.

The bank's total provisions for Q4 FY21 stood at Rs 4,134.15 crore, declining 23% from Rs 5,375.38 crore in Q4 FY20. The Provision Coverage Ratio stood at 79.68% as on 31 March 2021 compared with 76.95% on 31 March 2020.

On the asset quality side, gross non-performing assets (NPAs) stood at Rs 60,397.80 crore as on 31 March 2021 as against Rs 49,988.56 crore as on 31 December 2020 and Rs 37,250.53 crore as on 31 March 2020.

The gross NPA ratio stood at 8.94% as on 31 March 2021, compared to 7.48% on 31 December 2020 and 8.24% as of 31 March 2020. The net NPA ratio stood at 3.82% as on 31 March 2021 from 2.65% as on 31 December 2020 and 4.23% as on 31 March 2020.

The PSU Bank posted a net profit of Rs 2557.58 crore for the year ended March 2021 (FY21) compared with net loss of Rs 2235.72 crore in the year ended March 2020 (FY20). Total income rose 49% to Rs 84,525.08 crore in FY21 over FY20.

Domestic deposit of the bank stood at Rs 963306 crore as at March 2021 with growth of 10.74% y.o.y. Domestic advances (gross) of the bank stood at Rs 652558 crore as at March 2021, with growth of 5.51% y.o.y.

Shares of Canara Bank were down 3.13% at Rs 148.80 on BSE.

The Government of India held 69.33% stake in the state-owned commercial bank as of 31 March 2021. As on 31 March 2021, the bank had 10,416 number of branches, out of which 3,069 are Rural, 3,140 Semi- Urban, 2,094 Urban and 2,113 Metro along with 13,452 ATM.

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