Public sector lender Canara Bank on Wednesday reported its March 2024 quarter net profit at ₹3,757 crore, up 18% year-on-year (YoY). The figure was in line with CNBC-TV18's estimate of ₹3,753.6 crore. The same was ₹3,174.7 crore in the same quarter last year.
The bank's net interest income (NII), the difference between interest earned and interest expended, grew 11% YoY to ₹9,580 crore for the reporting quarter. It was ₹8,616.8 crore in the corresponding quarter of last year.
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Canara Bank improved its asset quality over a year ago period as gross non-performing assets (GNPA) ratio reduced to 4.23% in the quarter under review, as against 4.39% in a quarter ago period, and 5.35% in a year ago period.
The lender's net NPA ratio stood at 1.27% as on March 31, 2024, compared to 1.32% in the last quarter and 1.73% in a year-ago period.
The provision coverage ratio (PCR) stood at 89.10% as of March 2024 as against 89.01% as of December 2023, 87.31% as of March 2023.
Canara Bank's loan growth was weak. Its guidance for loan growth is weaker for FY25 as against FY24 loan growth.
FY25 guidance:
Deposit growth of 10% (11.3% in FY24)
Advances growth of 10% (11.34% in FY24)
CASA ratio at 33% vs 32.29% in FY24
NIM at 2.9% vs 3.05% in FY24
GNPA ratio at 3.5% vs 4.23% in FY24
NNPA ratio at 1.1% vs 1.27% in FY24
Slippage ratio at 1.3% vs 1.28% in FY24
Credit cost at 1.1% vs 0.96% in FY24
ROA at 1% vs 1.01% in FY24
ROE at 18% vs 22.06% in FY24
The bank has also recommended a dividend of ₹16.10 per equity share of face value of ₹10 each to the shareholders for the year 2023-24.
Record Date for payment of dividend will be Monday, June 17, 2024, the bank said.
This will result in a dividend payout of 161%, the lender said in a regulatory filing.
The dividend will be subject to the approval of shareholders at the ensuing Annual General Meeting of the bank.
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