Canara Bank has announced an 18.33% year-on-year increase in its net profit for the fourth quarter, reaching ₹3,757 crore, attributed to improved interest incomes and a reduction in provisions, according to the lender's report released on Wednesday.

The bank's net profit for the entire fiscal year FY24 also surged by 37.25% to ₹14,554 crore from ₹10,604 crore in the previous year.

MD & CEO K. Satyanarayana Raju noted that despite fierce competition in deposit mobilization, the bank managed to enhance its interest margins.

Canara Bank maintained a robust capital adequacy ratio (CAR) of 16.28%, with a common equity Tier-1 ratio of 11.58%.

In the fourth quarter of FY24, the bank's net interest income (NII) witnessed an 11.18% expansion to ₹9,580 crore, compared to ₹8,617 crore in the same period of the previous year. The board has proposed a dividend of 161% for FY24, marking an increase from the 120% dividend paid out in the previous fiscal year. 

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