Canara Bank Q4 net profit rises 18% to ₹3,757 crore
The Hindu
Canara Bank reports strong financial performance with 18.33% rise in Q4 net profit and 37.25% rise for FY24.
Canara Bank’s fourth quarter net profit rose 18.33% year-on-year to ₹3,757 crore on better interest incomes and decline in provisions, the lender reported on Wednesday. For the whole fiscal FY24, net profit rose 37.25% to ₹14,554 crore from ₹ 10,604 crore a year earlier.
The interest margins improved despite tough competition for raising deposits, said MD & CEO K. Satyanarayana Raju.
The bank’s capital adequacy ratio (CAR) stood at 16.28%, with common equity Tier-1 at 11.58%.
Net interest income (NII) expanded by 11.18% to ₹9,580 crore in Q4 of FY24, compared with ₹8,617 crore in the corresponding period of the previous year. The board recommended a 161% dividend for FY24, against a 120% dividend it paid last year.
Rupee trading in narrow range as U.S. dollar strengthens, Brent oil rises amid Ukraine-Russia conflict, FIIs sell equities.
Billionaire Gautam Adani indicted in U.S. for fraud and bribery, facing charges of defrauding American investors.
Air India has signed an agreement with Bengaluru Airport City Limited (BACL), a subsidiary of Bangalore International Airport Limited (BIAL), to develop a built-to-suit facility for the AME program that will feature modern classrooms, well-equipped laboratories for practical training and a team of qualified trainers.
Zepto raises $350 million in largest domestic fundraise in India, backed by leading financial institutions and notable individuals.
Adani Enterprises Ltd stock dips on NSE and BSE after Kenyan project cancellations and U.S. court allegations.
HSBC Flash India PMI shows uptick in private sector activity, with rising cost pressures and increased prices for customers.
Rupee rises slightly against US dollar amid geopolitical pressures, foreign outflows, and domestic equities; Brent oil surges.
Sensex and Nifty rebound in early trade driven by value buying, bank stock rally, and positive global cues.
The pandemic-induced downturn marked a turning point for cab drivers in Bengaluru. According to Tanveer Pasha, president, Ola and Uber Drivers’ Association, the number of active cabs in the city has dropped from over 1 lakh before the pandemic to just around 30,000 today.
Amazon will likely face an EU investigation next year into whether it favours its own brand products, said sources.
White House addresses bribery charges against Indian billionaire Adani, expresses confidence in U.S.-India relationship.