Canara Bank hits 3-yr high; stock zooms 33% in 3 weeks on strong Q2 results

The bank had reported an 89% jump in net profit to Rs 2,525 crore in Q2FY23, aided by higher net interest income that came on the back of a healthy growth in advances

Shares of Canara Bank hit over three-year high of Rs 297.35 as they gained 2.5 per cent on the BSE in Tuesday's intra-day trade. The shares extended their upward movement which started with the lender reporting a strong set of numbers for the quarter ending September 2022 (Q2FY23).

The stock of the public sector lender was quoting at its highest level since April 2019. In the past three weeks, the market price of Canara Bank has zoomed 33 per cent after it reported an 89 per cent jump in net profit to Rs 2,525 crore in Q2FY23, aided by