Canara Bank logs standalone net profit of ₹1,666 crore

Canara Bank logged a standalone net profit of ₹1,666 crore in Q4, 2021-22. It rose by 65% when compared to ₹1,011 crore clocked in the year ago quarter.

Likewise, the Bengaluru headquartered bank’s total income improved from ₹21,040 crore to ₹22,320 crore in the analysed quarter, rising by 6%.

The public sector bank was able to record these profits due to 50% lower provisioning for NPAs, which stood at ₹2,130 crore in Q4 while it was ₹4,430 crore in the last quarter of 2020-21.

According to the audited results shared with the stock exchanges, Canara Bank's bad loans declined to 7.51% of its gross advances. Comparatively, they amounted to 8.93% at the end of Q4, 2020-21.

Non-performing assets (NPA) or bad loans were valued at ₹55,652 crore while they were ₹60,288 crore in Q4, 2020-2021. Meanwhile, the bank declared dividend of ₹6.5 per share for shareholders.

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Printable version | Jun 20, 2022 3:23:56 pm | https://www.thehindu.com/news/national/karnataka/canara-bank-logs-standalone-net-profit-of-1666-crore/article65392401.ece