 "Canara Bank shares jump nearly 9% after net profit jumps two-fold")
Shares of Canara Bank on Thursday zoomed nearly 9 per cent after the company reported an over two-fold jump in net profit on a standalone basis for the December 2021 quarter.
The stock jumped 8.77 per cent to settle at Rs 240.70 on BSE. During the day, it zoomed 9.46 per cent to Rs 242.25.
On NSE, it rallied 8.76 per cent to settle at Rs 240.80.
State-owned Canara Bank on Thursday reported an over two-fold jump in its net profit on a standalone basis to Rs 1,502 crore for the December 2021 quarter on the back of lower provisioning.
The bank had posted a net profit of Rs 696 crore in the year-ago quarter.
Sequentially, the net profit was higher by 13 per cent from Rs 1,333 crore in the quarter ended September 2021.
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Total income, however, fell marginally to Rs 21,312 crore during the October-December period of 2021-22, against Rs 21,365 crore in the same quarter of 2020-21, Canara Bank said in a regulatory filing.
The bank's gross non-performing assets (NPAs) or bad loans rose to 7.80 per cent of the gross advances as of December 31, 2021, from 7.46 per cent at the end of December 2020.
Net NPAs too were higher at 2.86 per cent as compared to 2.64 per cent.
However, the NPAs fell sequentially from 8.42 per cent gross NPAs at the end of September 2021 and 3.21 per cent on a net basis.