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HomeBusinessCanara Bank Net Profit Triples In September Quarter; Shares Fall

Canara Bank Net Profit Triples In September Quarter; Shares Fall

Canara Financial institution shares fell 4% after earnings announcement.

The Bengaluru-based public sector lender – Canara Financial institution – on Tuesday stated that its internet revenue in second quarter of the present monetary 12 months tripled on account of decrease provisioning for dangerous loans, slight enchancment in its asset high quality and better different revenue. Canara Financial institution’s internet revenue in quarter ended September 2021 got here in at Rs 1,333 crore as in opposition to Rs 444 crore throughout the identical quarter final 12 months. Its internet curiosity revenue or the distinction between curiosity earned on loans and curiosity expended on deposits declined barely to Rs 6,274 crore in September quarter from Rs 6,305 crore throughout the identical quarter final 12 months.

Canara Financial institution’s asset high quality confirmed a slight enchancment in September quarter as its gross non-performing property, as a proportion of complete advances, got here in at 8.42 per cent versus 8.50 per cent within the earlier quarter. Its Gross NPAs in absolute phrases stood at Rs 57,853 crore.

In the course of the quarter Canara Financial institution’s provisions for dangerous loans declined to Rs 2,678 crore in contrast with Rs 3,533 crore within the earlier 12 months.

The revenue in second quarter acquired a lift from 38 per cent bounce in different revenue which got here in at Rs 4,268 crore.

“The Financial institution achieved its goal in precedence sector at 46.27 per cent and agricultural credit score at 20.49 per cent,” Canara Financial institution stated in a press launch.

As on 30.09.2021, the Financial institution had 9,800 branches and 10,988 automated teller machines (ATMs)

As of 12:41 pm, Canara Financial institution shares traded 4 per cent decrease at Rs 194, underperforming the Financial institution Nifty index which was down practically 1 per cent. The inventory was prime loser within the Nifty Financial institution index as effectively.

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