Canara Bank, one of the largest public sector banks in India, reported a massive jump in its net profit for the fourth quarter ended March 31, 2022. The bank’s net profit surged by 90% to INR 3,175 crore compared to INR 1,671 crore in the same quarter last year.Canara Bank’s total income for the quarter under review also increased by 3.3% to INR 22,462 crore from INR 21,754 crore in the year-ago period.
The bank attributed this growth to a rise in its net interest income, which increased by 18.4% to INR 8,598 crore in the fourth quarter.Canara Bank’s asset quality also improved during the quarter as the gross non-performing assets (GNPAs) ratio declined to 7.08% from 7.48% in the previous quarter. Similarly, the net non-performing assets (NNPAs) ratio decreased to 2.5% from 2.55% in the previous quarter.
The bank’s board of directors has also proposed a dividend of INR 1.50 per share for the financial year 2021-22, subject to approval by the shareholders.Canara Bank’s strong performance in the fourth quarter indicates its ability to weather the challenges posed by the Covid-19 pandemic and its commitment to driving growth in its business operations.
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