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Canara Bank shares drop over 5% post Q1 results

LiveMint logoLiveMint 20-07-2017 PTI

New Delhi: Shares of Canara Bank tumbled over 5% on Thursday after the public sector lender reported worsening asset quality metrics in its June quarter results.

The scrip tanked 5.09% to settle at Rs 352.10 on BSE.

During the day, it slumped 5.66% to Rs 350. At NSE, shares of the company declined 5.21% to end at Rs 351.90. In terms of volume, 5.93 lakh shares of the company were traded on BSE and over 75 lakh shares changed hands at NSE during the day.

Canara Bank registered 9.9% growth in net profit at Rs 251.60 crore for the first quarter of the current fiscal. In contrast, the bank’s net profit in the April-June period of 2016-17 stood at Rs 228.95 crore.

The total income of the bank grew to Rs 12,304.10 crore for the June quarter of 2017-18 as against Rs 11,786.35 crore, as per its regulatory filing.

On the asset quality side, gross non-performing assets (NPAs) rose to 10.56% of the gross advances at the end of June 2017 from 9.71% a year earlier. Its net NPAs or bad loans were 7.09% of net advances as on June 30, 2017 from 6.69% earlier.

Thus, there was a spike in bank’s provisioning for bad loans to Rs 2,270 crore as against Rs 1,468.75 crore a year ago.

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