Canara Bank announced a 90.63 per cent increase in standalone net profit to 3,175 crore for the quarter ending March 2023 on Monday. This compares to a net profit of Rs. 1,666.22 crore in the previous fiscal’s corresponding quarter.
For the quarter under review, net interest income (NII), which is the difference between interest generated and interest expended, increased by 23.01 per cent to 8,616 crore. In the previous year, it was 7,006 crore.
Canara Bank’s board of directors has recommended a dividend of 12 per equity share (120 per cent) of face value of 10 each for the fiscal year ended 31.03.2023, subject to the necessary approvals.
During the March quarter, the lender’s operational profit was 7,252 crore, up 17 per cent YoY.
Canara Bank’s asset quality improved YoY, with the gross non-performing assets (GNPA) ratio falling to 5.35 per cent in the March quarter, down from 5.89 per cent at the end of March 2022.
The net non-performing assets (NNPA) ratio has also decreased from 2.65 per cent in March 2022 to 1.73 per cent in March 2023.
Domestic deposits increased by 6 per cent YoY to 10.94 lakh crore at the end of the quarter. While retail lending climbed by 11 per cent YoY to 1.4 lakh crore, home loans increased by 14 per cent YoY to 84,364 crore.
The institution further stated that the standalone profit for the fiscal year ending March 2023 increased to 10,603.76 crore from 5,678.42 crore.
Profit for the fiscal year ending March 2023 increased from 5,795.10 crore to 10,807.80 crore on a consolidated basis.