Canara Bank Q4 Results: Profit Rises 18%; Declares ₹16.10/Share Dividend
Title: Canara Bank Q4 Results: Profit Rises 18%; Declares ₹16.10/Share Dividend
Categories: Sales and Earnings, Business, Business and Finance, Stock Price News
Introduction:
Canara Bank has released its financial report for the fourth quarter ending March 2024, showcasing impressive growth and profitability. The bank's performance highlights its resilience and strategic efficiency in navigating market challenges.
Financial Performance:
Standalone Net Profit: Canara Bank's standalone net profit surged by 18% to Rs 3,757 crore, marking a significant increase from Rs 3,174 crore in the previous year.
Net Interest Income (NII): The bank reported a robust growth in NII, which increased by 11% year-on-year to Rs 9,580 crore for the quarter.
Asset Quality Improvement: Canara Bank demonstrated improvement in asset quality, with the Gross Non-Performing Assets (GNPA) ratio declining to 4.23% as of March 2024.
Dividend Declaration: The company's Board has proposed a dividend of Rs 16.10 per share, reflecting its commitment to shareholder value creation.
Segment-wise Performance:
Retail Credit: The bank witnessed growth in retail credit, with housing loans growing at 10.81% and vehicle loans at 14.03%.
Agriculture & Allied Segment: Canara Bank reported substantial growth in the Agriculture & Allied segment, with a portfolio amounting to Rs. 2,53,206 crore.
Conclusion:
Canara Bank's Q4 results reflect its strong financial performance and strategic direction. The bank's focus on improving asset quality, coupled with robust growth across key segments, underscores its resilience amidst market challenges. The proposed dividend further reinforces its commitment to delivering value to shareholders.
Stakeholders can look forward to gaining valuable insights from an exclusive chat with K Satyanarayana Raju, MD & CEO, Canara Bank, shedding light on the bank's strategic initiatives and future trajectory.
Reference
Business Today - Canara Bank Q4 Results: Profit rises 18%, declares Rs 16.10/share dividend
CNBCTV18 - Canara Bank Q4 result: Net profit rises, asset quality improves; dividend declared
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