This PSU bank reports a 64% rise in Q4 consolidated net profit!

Canara Bank reported the results for the fourth quarter and year ended March 31, 2023. 

 Quarterly Performance:   

In comparison to the same quarter last year, the bank's net profit for the fourth quarter which ended on March 31, 2023, increased by 64.18% to Rs 3232.84 crore from Rs 1969.04 on a consolidated basis. In Q4FY23, the bank's total revenue climbed by 29.59% to Rs 31774.04 crore from Rs 24518.42 crore in a similar quarter the year prior. 

The bank reported an 86.50% increase in net profit for the year ended March 31, 2023, from Rs 5795.10 crore to Rs 10807.80 crore on a consolidated basis. When compared to the year ended March 31, 2022, the bank's total revenue increased by 17.99% to Rs 111209.76 crore from Rs 94256.89 crore for the year under review. 

Share Price Movement:    

In the last trading session Canara Bank closed at Rs 313.35 and today it opened at Rs 317.45. Currently, it is trading at Rs 305.25.   

Till now the scrip has touched a high and low of Rs 317.45 and Rs 301.85, respectively. So far 40,235 shares were traded on the counter at BSE. It has a 52-week high and low of Rs 341.60 and 171.70, respectively. It is BSE group 'A' stock with a face value of Rs 10.  

Company Profile: 

Canara Bank was established in Mangalore, Karnataka, in July 1906. Throughout its one-hundred-year history, the bank has experienced many stages of its growth trajectory. Canara Bank saw spectacular growth, particularly after being nationalised in 1969 when it attained the status of a national player in terms of geographic reach and clientele groups. For the Bank, the 1980s were characterised by business diversification. The Bank reached a century of business in the Indian financial sector in June 2006. Several notable turning points may be found in the bank's dramatic history. Canara Bank now holds a top spot in the league of Indian banks.