[ad_1]
Sequentially, the public sector lender’s profit rose from Rs 2,882 crore in Q3FY23.
The board of directors has recommended a dividend of Rs 12 per share (Rs 10 each) for FY23, subject to shareholders’ approval, the Bengaluru-based lender told BSE. Its share was trading 1.41 per cent to Rs 314.05 per share.
Canara Bank’s NII, interest revenues minus interest expenses, grew 23.01 per cent YoY to Rs 8, 617 crore in Q4 FY23 as against Rs 7,005 crore for Q4 FY22. The net interest margin improved to 3.07 per cent in Q4 FY23 from 2.93 per cent in Q4FY22. It has guided for NIM of 3.05 per cent for Fy24, according to the Analyst presentation.
Its advances grew by 16.41 per cent YoY basis to Rs 8.62 trillion in FY23. Out of it, RAM advances – Retail, Agriculture and MSME (RAM)- increased by 13.23 per cent to Rs 4.77 trillion at the end of March 2023.
Total deposits increased by 8.54 per cent YoY to Rs 11.79 trillion. The share of low-cost money—current account and saving accounts (CASA)—in domestic deposits stood at 33.48 per cent at the end of March 2023, down marginally from 35.88 per cent a year ago. It has guided for improvement in CASA ratio to 35 per cent by the end of March 2024.
Asset quality profile improved with gross non-performing assets (NPA) declining to 5.35 per cent in March from 7.51 per cent in the same month in 2022. The net NPAs also declined 1.73 per cent in March 2023 from 2.65 per cent a year ago.
The provision coverage ratio improved to 87.31 per cent in March 2023 from 84.17 per cent a year ago. It would like to improve PCR to 90 per cent by the end of March 2024.
[ad_2]
Source link
