Bangalore headquartered Public Sector Bank– Canara Bank on Friday posted a standalone net profit of Rs 1,666.22 crore for the fourth quarter, ended March 21, 2022, up 65 percent from Rs 1,010.87 crore a year ago.
The total income of the bank during the fourth quarter of fiscal 2022, stood at Rs 22,323.11 crore against Rs 21,040.63 crore in the same period of last fiscal, Canara Bank said in a regulatory filing.
The bank’s gross non-performing assets (NPAs) or bad loans declined by 7.51 percent of gross advances at the end of the fourth quarter, compared to 8.93 percent at the end of March 2021.
In value terms, the gross NPAs stood at Rs 55,651.58 crore as against Rs 60,287.84 crore, a year ago. Net NPAs improved to 2.65 percent (Rs 18,668.02 crore) in the fourth quarter from 3.82 percent (Rs 24,442.07 crore) a year ago.
Provisions and contingencies for the quarter under review stood at Rs 3,708.68 crore, up from Rs 3,652.18 crore that was set aside for the year-ago period.
Of this, the provision for bad loans amounted to Rs 2,129.73 crore in Q4FY22. For the full year FY22, the bank’s net profit grew double-folds to Rs 5,678.42 crore, as against Rs 2,557.58 crore in FY21.
Total income in the fourth quarter of fiscal 2022 stood at Rs 85,907.15 crore, marginally up from Rs 84,204.78 crore, a year ago.
The board of the bank has proposed a dividend of Rs 6.50 per equity share for fiscal 2022, but subject to the approval of shareholders at the bank’s upcoming annual general meeting.
At 14;05, the shares of Canara Bank were trading at Rs 223.70 apiece on NSE, down 0.47 percent from the previous close of Rs 224.75 apiece.