{"id":40465,"date":"2022-05-06T12:47:36","date_gmt":"2022-05-06T07:17:36","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-results-canara-bank-2\/"},"modified":"2022-05-06T15:31:25","modified_gmt":"2022-05-06T10:01:25","slug":"biz-results-canara-bank-2","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-results-canara-bank-2\/","title":{"rendered":"Canara Bank Q4 Results: Standalone net profit jumps 65%"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-757027220\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>State-run lender Canara Bank on Friday reported a 64.90 per cent jump in its March quarter net at Rs 1,666 crore on the back of a rise in core interest income and a decrease in money set aside for bad debts.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-917023265\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The Bengaluru-headquartered bank closed FY22 with a net profit of Rs 5,678 crore, which was more than double of the year-ago period.<\/p><p>For the reporting quarter, its core net interest income rose by nearly 25 per cent to Rs 7,005 crore, on the back of a 9.77 per cent growth in credit and a 0.42 per cent widening in the net interest margin to 2.93 per cent.<\/p><p>The total non-interest income decreased by 5.12 per cent in March quarter to Rs 4,462 crore, largely because of a massive decline in recoveries from written-off accounts when compared with the year-ago period.<\/p><div class=\"trade-content_5\" id=\"trade-1048959546\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>The overall provisions rose by 8 per cent to Rs 4,536 crore during the quarter, but the money set aside for non-performing assets declined by 52 per cent to Rs 2,130 crore. However, there was a sharp spike in provisions for non performing investments in the March quarter, with Rs 1,035 crore being set aside, as against a write-back of Rs 244 crore in the year-ago period.<\/p><p>The fresh slippages came down to Rs 3,619 crore in March 2022 quarter, as against Rs 14,495 crore in the year-ago quarter, which resulted in the gross non-performing assets ratio declining to 7.51 per cent, from 8.93 per cent in the year-ago period.<\/p><p>The bank&#8217;s managing director and chief executive L V Prabhakar told reporters that it plans to trim the gross non-performing assets (GNPAs) down further to 6 per cent by end of FY23.<\/p><p>The lender will be aiming for an 8 per cent overall growth in advances, which will include 10 per cent growth in retail and will also be doing corporate loans, he said, adding that it has a project loans pipeline of Rs 35,000 crore. Corporate demand is coming from renewable energy, health, steel and infrastructure, he said.<\/p><p>The bank also plans to widen the overall Net interest margin (NIM) to 2.90 per cent in FY23, as against the 2.82 per cent it got in FY22, he said.<\/p><p>It is also targeting to raise the proportion of the low-cost current and saving account deposits to 38 per cent from the present 36 per cent.<\/p><div class=\"trade-content-10\" id=\"trade-434836802\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>The overall capital adequacy, after payment of dividend, stood at 14.90 per cent as of March 31, 2022.<\/p><p>The bank may raise up to Rs 9,000 crore through additional tier-I, or tier-2 bond sales during the fiscal year, Prabhakar said, adding that though it is comfortable with core capital, its board will be deliberating on a proposal at its next meeting.<\/p><p>The bank&#8217;s scrip was trading 0.71 per cent down at Rs 223.05 a piece at 1436 hrs on the BSE, as against a correction of 1.45 per cent on the benchmark. PTI AA DRR DRR DRR<\/p><div class=\"trade-after-content\" id=\"trade-1853631202\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>State-run lender Canara Bank on Friday reported a 64.90 per cent jump in its March quarter net at Rs 1,666 crore on the back of a rise in core interest income and a decrease in money set aside for bad debts. The Bengaluru-headquartered bank closed FY22 with a net profit of Rs 5,678 crore, which [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":18734,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1515,31,1789],"tags":[],"class_list":["post-40465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-results","category-news","category-trending-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Canara Bank Q4 Results: Standalone net profit jumps 65% - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-results-canara-bank-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canara Bank Q4 Results: Standalone net profit jumps 65%\" \/>\n<meta property=\"og:description\" content=\"State-run lender Canara Bank on Friday reported a 64.90 per cent jump in its March quarter net at Rs 1,666 crore on the back of a rise in core interest income and a decrease in money set aside for bad debts. 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