Canara Bank Shares Tank Nearly 18%, Despite A 65% Jump In Earnings

Shares of Canara Bank fell about 18 per cent after a fall of nearly 5 per cent in the previous session.

Shares of Canara Bank on Monday fell nearly 18 per cent despite reporting a 65 per cent jump in its standalone net profit for the quarter ended March 2022.

In fact, on Monday, Canara Bank’s stock fell by 17.75 per cent to Rs 201.45 on the BSE, down 4.72 per cent to Rs 214.05 in the previous session.

On Friday, the Bengaluru-headquartered bank reported a healthy net profit of Rs 1,666.22 crore for the quarter ended March 2022, as against Rs 1,010.87 crore in the same quarter a year ago.

Canara Bank said in a regulatory filing that the total income of the bank increased to Rs 22,323.11 crore in the January-March period of 2021-22 from Rs 21,040.63 crore in the same period of 2020-21.

On the asset quality front, the bank’s gross non-performing assets (NPAs) or bad loans declined to 7.51 per cent of gross advances at the end of March 2022, as against 8.93 per cent at the end of March 2021.

In value terms, the gross NPAs stood at Rs 55,651.58 crore, down from Rs 60,287.84 crore.

Net NPAs stood at 2.65 per cent (Rs 18,668.02 crore) in the quarter under review, up from 3.82 per cent (Rs 24,442.07 crore).

The lender said the bank’s board had recommended a dividend of Rs 6.50 per equity share for 2021-22. This is subject to the approval of the shareholders at the upcoming Annual General Meeting of the Bank.

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