Canara Bank announces dividend for investors
May 08, 2023
New Delhi [India], May 8 : Canara Bank has announced a dividend of Rs 12 per share for its investors for the just concluded financial year 2022-23.
It is, however, subject to the approval of shareholders at the ensuing Annual General Meeting of the Bank.
On Monday, the state-owned lender also declared its earnings. According to the statement shared with exchanges, its standalone net profit went up 90.63 per cent to Rs 3,175 crore for the quarter ended March 31, 2023, against Rs 1,666.22 crore in the year-ago period.
The net interest income (NII) -- the difference between interest earned and interest expended -- surged 23.01 per cent to Rs 8,616 crore in the reviewed quarter, against Rs 7,006 crore in the corresponding period the previous year.
Its operating profit stood at Rs 7,252 crore during the March quarter, registering a growth of 17 per cent year-on-year. Net non-performing assets (NNPA) ratio has also declined to 1.73 per cent as of March 2023 from 2.65 per cent as of March 2022. The global business of the lender increased 12 per cent to Rs 20.41 lakh crore in March 2023 with global deposits at Rs 11.79 lakh crore.
Canara Bank improved its asset quality over a year ago period as gross non-performing assets (GNPA) ratio reduced to 5.35 per cent in the March quarter, down from 5.89 per cent at the end of March 2022.
A dividend is a reward that companies often provide to their shareholders, though not mandatory, from a portion of their earnings.
