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Canara Bank has moved higher by over 7% to Rs 307 after the bank said its net non-performing assets (NPA), as a percentage of total assets, declined to 1.98% in March quarter from 2.39% in the previous quarter ended December 2013. The bank’s gross non-performing loans as a percentage of total assets too declined to 2.49% from 2.79% in previous quarter.
Meanwhile, the state-owned bank has posted a net profit of Rs 611 crore as against analyst expectation of Rs 524 crore for the quarter ended March 31, 2014 (Q4). The bank had profit of Rs 725 crore in the year ago quarter.
Net interest income, the difference between interest earned and paid, grew 21.2% year-on-year to Rs 2,535 crore in the quarter, Canara Bank said in a statement.
The stock opened at Rs 285 and touched a high of Rs 309 on the NSE. A combined 6.39 million shares changed hands on the counter so far on the NSE and BSE.
Meanwhile, the state-owned bank has posted a net profit of Rs 611 crore as against analyst expectation of Rs 524 crore for the quarter ended March 31, 2014 (Q4). The bank had profit of Rs 725 crore in the year ago quarter.
Net interest income, the difference between interest earned and paid, grew 21.2% year-on-year to Rs 2,535 crore in the quarter, Canara Bank said in a statement.
The stock opened at Rs 285 and touched a high of Rs 309 on the NSE. A combined 6.39 million shares changed hands on the counter so far on the NSE and BSE.
