Q4 results 2022: Canara Bank and Federal Bank today announced their March quarter results with the former posting a robust 65 per cent jump in its net profit while the latter posted a 13 percent rise in its Profit After Tax (PAT). The shares of Canara Bank and Federal Bank still ended in the red riding on the overall market correction. Herer are key highlights of the quarterly results of the two banks.  

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Billionaire investor Rakesh Jhunjhunwala’s portfolio stocks Federal Bank and Canara Bank reported robust fourth-quarter results on Friday for the financial year 2021-22 (Q4FY22). The former registered over 13 per cent year-on-year growth in profit, while the latter’s jumped 65 per cent YoY. 

See Zee Business Live TV Streaming Below:

The ace investor Rakesh Jhunjhunwala has 3.7 per cent stakes in Federal Bank and 2 per cent stakes in Canara Bank, as per the latest shareholding pattern of the respective banks. 

According to Federal Bank’s filing, “Standalone net profit stood at Rs 541 crore in the March 2022 quarter as against Rs 478 crore in the same quarter previous fiscal. While total income came at Rs 3,948.24 crore in Q4FY22 as compared to Rs 3,843.87 crore in the same quarter a year-ago.” 

On the asset quality front, Federal Bank’s gross non-performing assets (NPAs) improved to 2.80 per cent of the gross advances as of March 31, 2022, from 3.41 per cent a year ago. Likewise, the net NPAs too declined to 0.96 per cent from 1.19 per cent YoY, the bank also said in its filing.  

Similarly, state-owned Canara Bank’s standalone net profit grew by 65 per cent YoY to Rs 1,666.22 crore in Q4FY22 as against Rs 1,010.87 crore in the same quarter a year ago, while its total income stood at Rs 22,323.11 crore, from Rs 21,040.63 crore YoY, the bank said in its filing to exchanges.  

On the asset quality front, Canara Bank's gross non-performing assets (NPAs) or bad loans fell to 7.51 per cent, as against 8.93 per cent YoY and Net NPAs also got better at 2.65 per cent in the quarter under review, from 3.82 per cent YoY, the regulatory filing also said.  

Canara Bank’s board has recommended a dividend of Rs 6.50 per equity share for the year 2021-22, which is subject to the approval of shareholders at the bank's ensuing annual general meeting. 

Shares of Canara Bank and Federal Bank slipped during Friday’s session as the former closed over 3 per cent lower to Rs 217.75 per share and the latter settled by over 3.5 per cent to Rs 90.65 per share on the BSE on Friday.