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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.

The bank amalgamated Syndicate Bank with itself effective April 1, 2020.

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On the asset front, the gross non-performing assets (NPAs) of the bank fell to 7.48 percent of the gross advances as of December 31, 2020, as against 8.40 percent by end of December 2019.

The stock was trading at Rs 128.20, down Rs 2.95, or 2.25 percent at 10:14 hours. It has touched an intraday high of Rs 129.80 and an intraday low of Rs 124.60.

Net Interest Income (NII) came in at Rs 6,323.58 crore in December 2020, up 71.31 percent from Rs. 3691.39 crore in December 2019.
Moneycontrol News
first published: Jan 28, 2021 10:31 am

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