Canara Bank Q4 net profit jumps 65% to ₹1,666 cr
The Hindu
The board has recommended a dividend of ₹6.50 per equity share for 2021-22
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.
Rupee hits all-time low at 85.20 against USD due to strong greenback, rising crude oil prices, and weak domestic markets.
Viatris faces U.S. FDA import alert for products from Indore plant, exceptions made for certain shortages.
xAI’s Grok may soon come to an iOS app as the company announced its Series C funding round of $6 billion.
Biocon and Zentiva receive EU approval for Liraglutide, a complex formulation for diabetes and weight management.
Equity markets fluctuate as Sensex and Nifty rise initially, then fall; global markets and oil prices also discussed.
Microsoft has been working on adding internal and third-party AI models to power Microsoft 365 Copilot.
China's dominance in critical minerals poses supply chain vulnerabilities for India, US, and EU nations, requiring strategic diversification efforts.
India's controversial popcorn tax system sparks outrage and criticism, with opposition questioning the complex GST rates.
ICAI President investigates auditing lapses at Byju's, disciplinary committee probing, details undisclosed, part of ongoing investigations.
Sensex and Nifty rebound sharply after steep decline, driven by value buying, bluechip stocks, and global market rally.
AS-IT-IS Nutrition aims for ₹300 crore GMV in 2025 with ATOM range, endorsed by Ravindra Jadeja.