State-owned Canara Bank on Friday reported a 65% jump in its standalone net profit at ₹1,666.22 crore for the quarter ended March 2022.
The Bengaluru-headquartered bank had posted a net profit of ₹1,010.87 crore in the same quarter a year ago.
Total income of the bank in the January-March period of 2021-22 rose to ₹22,323.11 crore, from ₹21,040.63 crore in the same period of 2020-21, Canara Bank said in a regulatory filing.
On the asset quality front, the bank’s gross non-performing assets (NPAs) or bad loans fell to 7.51% of the gross advances at the end of March 2022, as against 8.93% at the end of March 2021.
In value terms, the gross NPAs were worth ₹55,651.58 crore, down from ₹60,287.84 crore.
Net NPAs also got better at 2.65% (₹18,668.02 crore) in the quarter under review, from 3.82% (₹24,442.07 crore).
Provisions and contingencies for the quarter were higher at ₹3,708.68 crore, as against ₹3,652.18 crore put aside for the year-ago period. Of this, the provision for bad loans stood at ₹2,129.73 crore for Q4 FY22.
For full year FY22, the bank reported more than doubling of its standalone net profit at ₹5,678.42 crore, as against ₹2,557.58 crore in FY21.
Total income during the year grew to ₹85,907.15 crore, from ₹84,204.78 crore.
The board of the bank has recommended a dividend of ₹6.50 per equity share for the year 2021-22, the lender said. It is subject to the approval of shareholders at the bank’s ensuing annual general meeting.
Shares of Canara Bank were trading at ₹214.05 apiece on BSE, down by 4.72% from previous close.