Google trend - Canara Bank Q4

Canara Bank Q4 - 10 things to know with detail

• Net Profit: Canara Bank reported a net profit of Rs 1,010 crore for the fourth quarter of the fiscal year 2020-21, as compared to a loss of Rs 3,259 crore in the same period last year. This significant turnaround was driven by higher interest income and lower provisioning for bad loans.
• Net Interest Income (NII): The bank's NII for the quarter stood at Rs 6,808 crore, up 17% from Rs 5,849 crore in the previous year. This growth was driven by a healthy increase in the loan portfolio and stable interest margins.
• Asset Quality: Canara Bank's asset quality improved during the quarter, with gross non-performing assets (NPA) ratio declining to 8.45% from 8.84% in the previous quarter. Net NPA ratio also improved to 3.83% from 4.32% in the previous quarter.
• Provisioning: The bank made provisions of Rs 3,285 crore during the quarter, down from Rs 6,197 crore in the same period last year. This reduction in provisioning helped boost the bank's profitability.
• Capital Adequacy: Canara Bank's capital adequacy ratio stood at 13.92% at the end of the fourth quarter, comfortably above the regulatory requirement of 10.875%.
• Loan Growth: The bank's loan book grew by 5% during the quarter, driven by strong demand in the retail and agriculture segments. The bank has been focusing on increasing its retail loan portfolio to improve its asset quality and profitability.
• Deposit Growth: Canara Bank's total deposits grew by 10% during the quarter, with retail deposits showing a healthy growth. The bank has been focusing on increasing its low-cost deposits to improve its funding profile.
• Digital Initiatives: Canara Bank continued to focus on digital initiatives during the quarter, with the launch of new digital products and services to enhance customer experience and drive operational efficiency.
• Business Outlook: The bank remains cautiously optimistic about its business outlook, given the uncertainty in the economic environment due to the ongoing COVID-19 pandemic. However, the bank is confident in its ability to navigate through the challenges and capitalize on growth opportunities.
• Dividend: Canara Bank's board of directors has recommended a dividend of Rs 0.75 per share for the financial year 2020-21, subject to approval by the shareholders at the annual general meeting.