Canara Bank Announces ₹6.50 Dividend Per Share As Q4 Net Profit Jumps 65%

Canara Bank’s stockholders would get a dividend of Rs.6.50 per share. The PSU bank posted a net profit of 1,670 crore in the January to March 2022 quarter, compared to a net profit of 1,010 crore in the previous quarter, a year-on-year (YoY) increase of about 65 percent. Canara Bank’s total income increased by 6% year on year, from 21,040 crore in Q4FY21 to 22,320 crore in Q4FY22.

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Canara Bank was able to achieve this profitability by reducing its nonperforming assets (NPA) allowance by more than half. Its provisioning for nonperforming assets in Q4FY22 is 2,130 crore, compared to 4,430 crore in Q4FY21. However, the PSU bank’s net provisions increased to 3,710 crore in Q4FY22 from 3,650 crore in Q4FY21.

Canara Bank also declared a 6.50 dividend per share for its shareholders. This was announced by the PSU bank when submitting its Q4FY22 results with Indian stock exchanges, claiming, “This is to tell the stock exchanges that the Bank’s Board of Directors examined and accepted the following items at its meeting today, Friday, May 6, 2022 (Friday): 1. Financial Results (Standalone and Consolidated) for the Fourth Quarter and Year ending 31.03.2022. 2. Recommend a dividend to shareholders of Rs. 6.50/- per equity share (i.e. 65 percent) of face value of Rs. 10/- each for the fiscal year 2021-22, subject to shareholder approval at the succeeding Annual General Meeting of the company “eBanking.”

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The bank’s gross non-performing assets (NPAs) or bad loans declined to 7.51 percent of gross advances at the end of March 2022, down from 8.93 percent at the end of March 2021.

Gross NPAs were at 55,651.58 crore, down from 60,287.84 crore before.

Canara Bank’s stock is down around 4.50 percent today, however the banking stock has risen over 1% from its intraday low of 212.60 per share following the publication of Q4FY22 data.

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