Canara Bank Q4 net profit rises 18% to ₹3,757 crore
The Hindu
Canara Bank reports strong financial performance with 18.33% rise in Q4 net profit and 37.25% rise for FY24.
Canara Bank’s fourth quarter net profit rose 18.33% year-on-year to ₹3,757 crore on better interest incomes and decline in provisions, the lender reported on Wednesday. For the whole fiscal FY24, net profit rose 37.25% to ₹14,554 crore from ₹ 10,604 crore a year earlier.
The interest margins improved despite tough competition for raising deposits, said MD & CEO K. Satyanarayana Raju.
The bank’s capital adequacy ratio (CAR) stood at 16.28%, with common equity Tier-1 at 11.58%.
Net interest income (NII) expanded by 11.18% to ₹9,580 crore in Q4 of FY24, compared with ₹8,617 crore in the corresponding period of the previous year. The board recommended a 161% dividend for FY24, against a 120% dividend it paid last year.
