Canara Bank shares jump on improved asset quality
Shares of Canara Bank Ltd. surged to the highs of the day, gaining as much as 3% after the lender reported improved asset quality in the September quarter.
Canara Bank's gross NPA fell to ₹27,040 crore from ₹29,518 crore in the previous quarter, while net NPA declined to ₹6,113.2 crore from ₹6,765.2 crore sequentially, News.Az reports, citing foreign media.
The bank’s Net Interest Income (NII), or core income, decreased 2% year-on-year to ₹9,141 crore, while net profit rose 19% to ₹4,774 crore compared to the same period last year.
Canara Bank's provisions stood at ₹2,354 crore from ₹2,351 crore in the previous quarter.
Global advances for the quarter increased by 13.74% from last year to ₹11.51 lakh crore, while deposits saw a 13.40% growth on a year-on-year basis to ₹15.27 lakh crore.
The lender's slippage ratio stood at 0.76%, an improvement of 24 basis points.
Canara Bank's shares are trading 2.56% higher after the results announcement, to trade at ₹132.07. The stock has jumped 33% so far this year.
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