 "Canara Bank hits fresh 52-week lows as assets quality weakens in Q4")
Shares of Canara Bank have fallen 2.4% to Rs 332, also fresh 52-week lows on the NSE, after the public sector lender bank’s asset quality deteriorated further during the recently concluded quarter.
“The gross non-performing assets (NPA) ratio as percentage of total assets increased to 3.89% in March 2015 quarter from 2.49% at March 2014. It was 3.35% at December 2014,” Canara Bank said in a statement.
The net NPA ratio stood at 2.65% from 1.98% at March 2014 and 2.42% at December, the bank added.
Meanwhile, the bank’s net profit remained flat at Rs 613 crore for the fourth quarter ended March compared to Rs 611 crore in the corresponding quarter last year.
Net interest income, the difference between interest earned and interest expended, declined by 1.9% to Rs 2,486 crore in the March quarter against Rs 2,535 crore in the same quarter last year.
Analysts on an average had expected net profit of Rs 692 crore on net interest income of Rs 2,534 crore.
The stock has declined 6% in the past two trading sessions, from Rs 353 on May 21. So far, a combined 2.28 million shares have changed hands on the counter on the NSE and BSE.
At 1253 hours, the stock was down 2% at Rs 334 on the NSE.
“The gross non-performing assets (NPA) ratio as percentage of total assets increased to 3.89% in March 2015 quarter from 2.49% at March 2014. It was 3.35% at December 2014,” Canara Bank said in a statement.
The net NPA ratio stood at 2.65% from 1.98% at March 2014 and 2.42% at December, the bank added.
Meanwhile, the bank’s net profit remained flat at Rs 613 crore for the fourth quarter ended March compared to Rs 611 crore in the corresponding quarter last year.
Net interest income, the difference between interest earned and interest expended, declined by 1.9% to Rs 2,486 crore in the March quarter against Rs 2,535 crore in the same quarter last year.
Analysts on an average had expected net profit of Rs 692 crore on net interest income of Rs 2,534 crore.
The stock has declined 6% in the past two trading sessions, from Rs 353 on May 21. So far, a combined 2.28 million shares have changed hands on the counter on the NSE and BSE.
At 1253 hours, the stock was down 2% at Rs 334 on the NSE.