Canara Bank declares ₹16 dividend per share, reports 18% surge in profit in Q4 results.

Canara Bank, a public sector bank, announced its financial results for the quarter ended December 31, 2022 (Q4 FY23). The bank reported a significant jump in profits, with a profit of ₹2,419 crore, an 18% year-on-year increase from ₹2,044 crore in the same period last year. The bank’s net interest income (NII) also rose to ₹7,344 crore, a 12% increase from ₹6,553 crore in the same period last year. The bank’s provisioning for bad loans decreased by 34% to ₹634 crore from ₹973 crore in the same period last year. As a result, the bank’s net interest margin (NIM) improved to 3.13% from 2.83% in the same period last year. The bank announced a dividend of ₹1.6 per share to its shareholders, which is a 12.5% increase from the previous year’s dividend of ₹1.43 per share. The overall performance reflects the bank’s efforts to diversify its business, reduce non-performing assets, and improve its financial health.