Jobaaj Stories
Bangalore-based PSU Canara Bank has published its results for the final quarter and full year of FY23, as the bank reported robust growth in both its top line and bottom line.
For the quarter that ended in March 2023, the Net Interest Income, that is the difference between interest earned and interest expended, saw a 23% YoY growth during the quarter to reach Rs 8,617 crores. Consequently, Total income saw strong growth of 28.5% during the quarter to reach Rs 28,686 crores, while PAT grew 91% YoY to Rs 3,175 crores.
For the full year ended in March 2023, the Net Interest Income improved by 19% to Rs 31,436 crores, while the Total Income of the bank was up 20% to Rs 1.03 lakh crores. Revenues from the bank’s Treasury and Life Insurance segments declined during the year, but the same from its Retail banking operations improved by 34% during the year.
The bank saw a 20% corresponding surge in Total Expenses as the bank’s operating profit stood at Rs 27,974 crores, up 20% YoY. The bank improved provisioning during the year as total provisions grew almost 6% to Rs 13,548 crores of which Rs 9,739 crores was for NPAs.
Annual profits improved 86% YoY to Rs 10,808 crores, crossing the Rs 10,000 crores milestone for the first time. The asset quality of the bank has been steadily improving as the Gross NPA ratio declined to 5.35%, while the Net NPA ratio fell to 1.73% and had a provision coverage ratio of about 87.3%.
Total Global advances improved by 16% to Rs 8.63 lakh crores while Total deposits grew around 9% to Rs 11.8 lakh crores. At 12% growth in global business, the bank’s loan book saw significant growth with Gold Loans improving the most: up 33.82% YoY.
The company’s Board has recommended a dividend of Rs 12 per share or 120% for FY23. At the time of reporting, the share of Canara Bank was trading around Rs 308.80 per share.
- Aman Agarwal
Also read, What Is The True Meaning of ‘Being Content’ According to Nithin Kamath?
