Canara Bank on Friday reported a 64.8% jump in standalone net profit to Rs 1,666.22 crore in Q4 FY22 from Rs 1,010.87 crore posted in Q4 FY21.
The bank's total income stood rose 6.1% to Rs 22,323.11 crore in Q4 FY22 from Rs 21,040.63 crore posted in Q4 FY21. Operating profit before provisions and contingencies rose 18.8% year on year to Rs 6,202 crore in Q4 FY22.The bank's net interest income grew 24.84% year on year to Rs 7,005 crore in Q4 FY22.
Total provisions and contingencies rose 1.55% to Rs 3,708.68 crore in Q4 FY22 from Rs 3,652.18 crore posted in Q4 FY21. Provision Coverage Ratio (PCR) stood at 84.17% as of 31 March 2022 improving from 83.26% posted on 31 December 2021 and 79.68% reported on 31 March 2021.
On the asset quality front, gross non-performing assets aggregated to Rs 55,651.58 crore as at 31 March 2022 as against Rs 56,893.30 crore as at 31 December 2021 and Rs 60,287.84 crore as on 31 March 2021. The gross non-performing assets (GNPA) ratio reduced to 7.51% as on March 2022 down from 7.80 % as of December 2021 and 8.93% as at March 2021. The net NPA ratio reduced to 2.65% as at March 2022 down from 2.86% as at December 2021 and 3.82% as at March 2021.
On full year basis, the bank reported a 122% jump in the net profit to Rs 5,678.42 crore on a 2.02% increase in total income to Rs 85,907.15 crore in the financial year ended 31 March 2022 over the financial year ended 31 March 2021.
Domestic deposit of the Bank stood at Rs 10,27,767 Cr as of March 2022 with growth of 6.69% YoY while domestic advances (gross) of the bank stood at Rs 7,11,046 Cr as of 31 Mar 2022 rising 8.96% YoY.
The board recommended a final dividend of Rs 6.5 per equity share for the financial year ended 31 March 2022.
Canara Bank is a Bengaluru-based public sector bank.
Shares of Canara bank were trading 4.92% lower at Rs 213.60 amid negative global cues and weak market trend on BSE.
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