Canara Bank’s Q4 Results.
Canara Bank’s Q 4 net profits are out. The Banglore-based company’s profit rose to 18.33% and it’s YOY to 3757 crore. For the entire financial year of 2024, the net profit rose by 37% to Rs.14554 crore. Prior to that, it was Rs.10 604 crores. The company’s Board has also recommended a dividend of Rs 16.10 per share. This would be the topic of approval in the upcoming meeting. Date for the payment of dividend would be the 17th of May (Monday). The dividend is kind of a reward paid to the company’s shareholders for investing in the equity. It is usually extracted from the net profit after the the financial year.
History of Canara
Canara Bank established in 1906 at Mangalore by Ammembal Subba Rao Pal. In 1996 The bank was nationalized and it has extended its reach to places like New York and London. Canara Bank’s First acquisition took place in 1960 when it acquired the Bank of Kerela.
Q4 results on various aspects.
In a post-request discussion with the press the MD and CEO of Canara Bank Mr. K Satyanaarayan Raju stated that the interest margins improved despite of tough competition in raising deposits.
cost of deposits rose from 4.38 percent in Q4FY23 to 5.5 percent.
Q4FY24, the yield on advances improved from 7.70 percent in March 2023 to 8.71 percent in March 2024.
The non-interest income comprising fees, commissions, treasury earnings, etc., expanded by 9.23 percent to Rs 5,217 crore in Q4FY24 from Rs 4,776 crore in Q4FY23.
The lender’s provisions and contingencies declined to Rs 3,094 crore in Q4, as against Rs 2,481 crore in the year-ago period.
Advances grew 11.34 percent Y-o-Y to Rs 9.6 trillion at the end of March 2024.
The retail, agriculture, and MSME (micro, small, and medium enterprises) segments rose by 13.52 percent Y-o-Y to Rs 5.41 trillion in March 2024.
Canara Bank’s gross non-performing asset (GNPA) ratio declined to 4.23 percent in Q4 from 5.35 percent a year ago. and 4.39 percent in December 2023.
The net NPA ratio declined to 1.27 percent in March 2024 from 1.73 percent in Q4FY23 and 1.32 percent in the previous quarter.
The provision coverage ratio stood at 89.1 percent in March 2024 compared to 87.31 percent a year ago.
global business increased 11.31 percent year on year (y-o-y) to ₹22,72,968 crore as of March 2024 with global deposits at ₹13,12,366 crore – 11.29 percent and global advance (gross) at ₹9,60,602 crore – 11.34 percent.
