Canara Bank shares fell as a lot as 1.88 per cent to hit an intraday low of Rs 150.70.
Canara Bank swung to revenue on March quarter because it lowered provisions for unhealthy loans and contingencies however its asset high quality deteriorated additional. The Bengaluru-based financial institution reported internet revenue of Rs 1,010.87 crore in quarter ended March 2021 in contrast with lack of Rs 3,259.33 crore throughout the identical quarter final yr.
Its internet curiosity revenue or the distinction between curiosity earned and curiosity expended jumped 68 per cent to Rs 5,589 crore in contrast with Rs 3,318.52 crore.
The financial institution’s asset high quality deteriorated in March quarter as its gross non-performing belongings as a proportion of complete advances got here in at 8.93 per cent in contrast with 7.46 per cent within the earlier quarter. Gross NPAs stood at Rs 60,287.84 crore. Its internet NPAs got here in at 3.82 per cent versus 2.64 per cent in December quarter.
Canara Bank’s provisions for unhealthy loans fell to Rs 4,427.53 crore as towards Rs 4,875.28 crore throughout the identical quarter final yr.
Canara Bank shares fell as a lot as 1.88 per cent to hit an intraday low of Rs 150.70, after the earnings announcement, underperforming the Sensex which was up 1.35 per cent.
