Free Press Journal

Canara Bank shares up over 3% post earnings


Mumbai: Shares of Canara Bank today rose by over 3 per cent after the company reported 60.2 per cent increase in net profit for the quarter ended December.

Canara Bank’s scrip jumped 3.25 per cent to end the day at Rs 453.05 on the BSE. During the day, it gained 4.6 per cent to Rs 459.

At the NSE, it rose by 2.99 per cent to close the day at Rs 452.55.

In terms of volume, 11.51 lakh shares of the company changed hands at the BSE and over 86 lakh shares were traded at the NSE during the day.

State-run Canara Bank today reported 60.2 per cent increase in net profit at Rs 655.92 crore for the quarter ended December despite an increase in bad loans.

The bank’s total income increased to Rs 12,227.86 crore for the quarter under review from Rs 10,935.29 crore in the year-ago period, Canara Bank said in a filing to the BSE.

As far as asset quality of the bank is concerned, gross NPAs as a percentage of total advances rose to 3.35 per cent from 2.79 per cent in the same quarter a year ago.

Its net NPAs went up to 2.42 per cent from 2.39 per cent at the end of December 2013.

Gross NPAs in absolute terms rose to Rs 10,573.57 crore as compared to Rs 8,073.92 crore at the end of December 2013.