Canara Bank on Wednesday posted 18% growth in its standalone net profit at Rs 3,757 crore for the quarter ended March 2024. The same stood at Rs 3,174 crore in the last year period.
Net interest income (NII) for the reporting quarter increased 11% year-on-year (YoY) to Rs 9,580 crore.
The company’s Board has also recommended a dividend of Rs 16.10 per share, 161% of face value each, for the financial year 2023-24.
Operating profit (before provisions and contingencies) rose marginally by 2% YoY to Rs 7,387 crore in the fourth quarter. It was Rs 7252 crore in the last year quarter.
The bank made provisions to the tune of Rs 2,482 crore in the January-March 2024 period, which fell 20% YoY. This compares with Rs 3,095 crore provisions in the corresponding period of last year.
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