Canara Bank Sheds 3% Even After Profit Jumps 3-Folds To Rs 1,177 Crore In June Quarter

Share price of Canara Bank declined more than three per cent on Wednesday, July 28, a day after the bank announced its April-June quarter results for the financial year 2021-22. On Wednesday, Canara Bank opened on the BSE at Rs 149.90, inching to an intra day high of Rs 150.50, and an intra day low of Rs 142.10, in the trading session so far. The public sector lender reported a net profit of Rs 1,777 crore in the first quarter of the current fiscal, compared to Rs 407 crore in the year-ago period.

The bank's net profit jumped 190 per cent - almost three folds in the June quarter of fiscal 2021-22, driven by higher non-interest income and a decline in the provisions for bad loans. Canara Bank's non-interest income rose 67.47 per cent to Rs 4,438 crore, compared to Rs 2,650 crore in the corresponding quarter last year.

The bank's net interest income increased 0.84 per cent to Rs 6,147 crore, compared to Rs 6,096 crore in the year-ago period. The asset quality profile improved as the gross non-performing assets (GNPAs) declined 8.5 per cent by June 2021 from 8.84 per cent last year, according to a regulatory filing by the bank to the stock exchanges.

On the NSE, Canara Bank opened at Rs 150.05, registering an intra day high of Rs 150.50 and an intra day low of Rs 142.10, in the session so far. It was last trading 3.73 per cent lower at Rs 143.25 on the NSE.

Shares of Canara Bank were last trading 3.63 per cent lower at Rs 143.40 on the BSE.