Canara Bank has posted a profit of ₹ 1,065.09 crore for fourth-quarter (Q4) of 2020-21 on consolidated basis as against a loss of ₹3,208.31 crore posted in the same period last year. The bank gained on the back of growth in CASA, small deposits, retail and housing advances
The bank’s total income grew by 55.53 per cent at ₹23,774.15 crore as against ₹15,285.27 crore recorded last year. Provisions and contingencies for the quarter reduced by 22.85 percent at ₹4,135.51 crore as against ₹5,360.47 crore in the same period last year.
The bank has disclosed that the figures of quarter ended March 31, 2020 and year ended March 31, 2020 are related to consolidated Canara Bank financials of pre-amalgamation period, hence not comparable with post-amalgamation financials for the quarter ended March 31, 2021 and year ended March 31, 2021.
L V Prabhakar, bank’s MD& CEO, commenting on Q4 performance said: “We have strengthened the balance sheet by making aggressive provisions and importance given to recovery. A lot of emphasis was given during the last financial year and have identified over 2 lakh accounts to be brought under the OTS. .”
“For medical sector financing, the bank has set aside ₹4,000- 4,500 crore. We are planning to finance distressed assets and already have identified hospitals and companies in the medical sector who require funds,” he added.
Treasury ₹5,120.82 (last year ₹ 3,387.12 crore), Retail banking ₹ 8,677.34 crore (₹ 5,690.92 crore), wholesale banking ₹ 7,706.45 crore (₹ 5,105.16 crore) and life insurance ₹ 2,269.54 crore (₹ 1,006.86 crore).
Asset Quality
Bank’s net-interest income (NII) grew by 9.87 percent to ₹5,589 crore. While non-interest income increased by 72.08 per cent to ₹ 5,207 crore. Bank’s gross NPA stood at ₹ 60,397.80 crore (last year’s ₹ 37,250.53 crore), Net NPA stood at ₹ 24,455.07 crore (₹ 18,287.72 crore).
Bank’s global business increased by 8.23 percent to ₹ 16,86,030 crore as at March 31, 2021 with global deposits at ₹ 10,10,875 crore and global advance (gross) at ₹ 6,75,155 crore. Domestic deposit stood at ₹ 9,63,306 crore, with growth of 10.74 percent (y-o-y).
Domestic advances (gross) stood at ₹ 6,52,558 crore with growth of 5.51 percent (y-o-y).
Input: The Hindu