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HomeBusinessCanara Bank Shares Tank Nearly 18%, Despite A 65% Jump In Earnings

Canara Bank Shares Tank Nearly 18%, Despite A 65% Jump In Earnings

Canara financial institution shares stoop practically 18% after about 5% loss within the earlier session

Canara Financial institution shares tanked by practically 18 per cent on Monday regardless of reporting a 65 per cent leap in its standalone web revenue for the quarter ended March 2022.

Certainly, shares of Canara Financial institution slumped 17.75 per cent to Rs 201.45 on the BSE on Monday after falling 4.72 per cent to Rs 214.05 within the earlier session.

On Friday, the Bengaluru-headquartered financial institution reported a wholesome web revenue of Rs 1,666.22 crore for the quarter ended March 2022, in comparison with Rs 1,010.87 crore in the identical quarter a yr in the past.

Whole earnings of the financial institution within the January-March interval of 2021-22 rose to Rs 22,323.11 crore, from Rs 21,040.63 crore in the identical interval of 2020-21, Canara Financial institution stated in a regulatory submitting.

On the asset high quality entrance, the financial institution’s gross non-performing belongings (NPAs) or unhealthy loans fell to 7.51 per cent of the gross advances on the finish of March 2022, as in opposition to 8.93 per cent on the finish of March 2021.

In worth phrases, the gross NPAs had been price Rs 55,651.58 crore, down from Rs 60,287.84 crore.

Internet NPAs had been additionally higher at 2.65 per cent (Rs 18,668.02 crore) within the quarter beneath overview, from 3.82 per cent (Rs 24,442.07 crore).

The lender stated that the financial institution’s board had advisable a dividend of Rs 6.50 per fairness share for 2021-22. It’s topic to shareholders’ approval on the financial institution’s ensuing annual basic assembly.

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