State-owned Canara Bank on Friday reported a 65% increase in its standalone net profit at Rs 1,666.22 crore for the quarter ended March 2022.
The Bengaluru-headquartered bank had posted a net profit of Rs 1,010.87 crore in the same quarter a year ago.
Canara Bank said in a regulatory filing that the total income of the bank increased to ₹22,323.11 crore in the January-March period of 2021-22 from ₹21,040.63 crore in the same period of 2020-21.
On the asset quality front, the bank’s gross non-performing assets (NPAs) or bad loans declined to 7.51% of gross advances at the end of March 2022, as against 8.93% at the end of March 2021.
In value terms, the Gross NPAs stood at ₹55,651.58 crore, down from ₹60,287.84 crore.
Net NPAs also improved to 2.65% (₹18,668.02 crore) from 3.82% (₹24,442.07 crore) in the quarter under review.
Provisions and contingencies for the quarter were over ₹3,708.68 crore as against ₹3,652.18 crore set aside for the year-ago period. Of this, the provision for bad loans stood at ₹2,129.73 crore for Q4 FY22.
For the full year FY 2012, the bank more than doubled its standalone net profit to Rs 5,678.42 crore as against Rs 2,557.58 crore in FY11.
The total income during the year increased from ₹84,204.78 crore to ₹85,907.15 crore.
The bank’s board has recommended a dividend of ₹6.50 per equity share for the year 2021-22, the lender said. This is subject to the approval of the shareholders at the upcoming Annual General Meeting of the Bank.
Shares of Canara Bank were trading at ₹214.05 on BSE, down 4.72% from the previous close.