Canara Bank of PSU sector has presented excellent results. Canara Bank’s profit grew by about 115 per cent year-on-year in the December quarter. The bank has made a profit of Rs 1502 crore during this period.
Canara Bank Q3 Result: In the December quarter of the financial year 2022, Canara Bank of the PSU sector has presented excellent results. Canara Bank’s profit grew by about 115 per cent year-on-year in the December quarter. The bank has made a profit of Rs 1502 crore during this period. Whereas in the same quarter a year ago, the bank’s profit was Rs 696.1 crore. Let us tell you that the stock of Canara Bank is included in the portfolio of veteran investor Rakesh Jhunjhunwala. He had invested in the bank for the first time in the September quarter.
Income increased, provisioning decreased
Canara Bank’s interest income grew by 14.1 per cent year-on-year to Rs 6945 crore in the December quarter. The income of the bank was Rs 6086.5 crore in the same quarter a year ago. On a quarterly basis, the provisioning of the bank has come down from Rs 3,360 crore to Rs 2,245 crore. The bank’s loan growth rate saw an increase of 9.1 percent on a yearly basis. The provision coverage ratio of the bank has increased from 82.44 per cent to 83.26 per cent on a quarterly basis.
asset quality improvement
The asset quality of the bank has also improved in the third quarter. The gross NPA of the bank has come down from 8.42 per cent to 7.80 per cent on a quarter-on-quarter basis. At the same time, Net NPA has come down from 3.21 percent to 2.86 percent during this period. Gross NPAs came down from Rs 57,853 crore to Rs 56,893 crore on a quarterly basis in rupee terms. Whereas Net NPA has come down from Rs 20,862 crore to Rs 19,819 crore.
great rally in stock
There has been a great rise in the share of Canara Bank today. The stock has gained almost 9 percent to reach Rs 242. Whereas on January 25 it closed at Rs 221. The stock has gained about 88 percent in 1 year. Rakesh Jhunjhunwala holds 1.6 per cent stake in Canara Bank. He holds 29,097,400 shares of the bank, whose current value is Rs 701 crore.
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