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Canara Bank Q4FY23 PAT up 73.9% at Rs3,337cr as NII grows 23% yoy

May 8, 2023

By: BlinkX Research Team

Canara Bank reported 29.6% growth in total revenues for the March 2023 quarter on consolidated basis at Rs31,774cr. Revenue growth was 12.12% in sequential terms for Q4FY23. For the quarter, the company saw growth in revenues from retail banking and from corporate banking while treasury income was flat on yoy basis. In terms of operating profits, the corporate banking business narrowed its net losses while retail profits were higher and treasury profits almost halved yoy.

Net interest income (NII) for Q4FY23 grew 23.01% while the net interest margins (NIM) expanded by 14 basis points to 3.07%. while the gold loan portfolio grew by 33.8% to Rs123,185 crore, the overall global business grew by 11.7%to Rs20,41,764 crore. The provision coverage ratio or PCR improved by 314 bps to 87.31%.

Financial highlights for Mar-23 compared yoy and sequentially

	Canara Bank
Rs in Crore	Mar-23	Mar-22	YOY	Dec-22	QOQ
Total Income	₹ 31,774	₹ 24,518	29.59%	₹ 28,338	12.12%
Operating Profit	₹ 7,326	₹ 6,566	11.58%	₹ 7,009	4.52%
Net Profit	₹ 3,337	₹ 1,919	73.89%	₹ 3,033	10.01%

Diluted EPS	₹ 18.39	₹ 10.58		₹ 16.72
Operating Margins	23.06%	26.78%		24.73%
Net Margins	10.50%	7.83%		10.70%
Gross NPA Ratio	5.35%	7.51%		5.89%
Net NPA Ratio	1.73%	2.65%		1.96%
Return on Assets	0.95%	0.57%		0.88%
Capital Adequacy	16.68%	14.90%		16.72%

The return on equity (ROE) improved by 667 basis points to 19.49% while the gross NPAs and the net NPAs fell sharply on yoy basis. Overall retail credit was up by 10.9% yoy while the home loan business grew 14.3% yoy. The board of Canara Bank declared a dividend of Rs12 per share for the full year.