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Canara Bank stock price slips after Q3 profit falls 9% YoY to Rs 696 crore

The public sector lender reported a 9 percent YoY decline in net profit to Rs 696 crore in the December quarter, with a 61 percent jump in provisions to Rs 4,686 crore taking a hit on the bottom line.

January 28, 2021 / 10:31 AM IST
Canara Bank | The stock has fallen-43 percent in 2020 to Rs 126.35 as of December 29, 2020 from 221.35 on December 31, 2019.

Canara Bank | The stock has fallen-43 percent in 2020 to Rs 126.35 as of December 29, 2020 from 221.35 on December 31, 2019.

 
 
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Canara Bank share price shed over 2 percent intraday on January 28, a day after the state-owned bank reported a 9 percent year on year decline in net profit to Rs 696 crore in the December quarter, with a 61 percent jump in provisions to Rs 4,686 crore taking a toll on the bottom line.

The public sector lender reported a consolidated net profit of Rs 739.20 crore in the third quarter ended December of the current fiscal. It had earned a net profit of Rs 406.43 crore during the same period a year ago.

The bank's total income (consolidated) during the October-December period of 2020-21 rose to Rs 24,490.63 crore from Rs 15,531.80 crore, Canara Bank said in a regulatory filing.

"Figures of December 31, 2019, and March 31, 2020, are related to standalone Canara Bank financials to pre-amalgamated period, hence, not comparable with post amalgamation financials of September 30, 2020 and December 31, 2020," the bank said.