Canara Bank surged 8.17% to Rs 309 at 14:10 IST on BSE as the bank's gross non-performing assets to gross advances declined to Rs 7570.21 crore as on 31 March 2014, from Rs 8073.92 crore as on 31 December 2013.
Meanwhile, the S&P BSE Sensex was up 131.92 points or 0.59% at 22,535.81.
The stock surged on high volumes. On BSE, so far 9.45 lakh shares were traded in the counter as against average daily volume of 3.30 lakh shares in the past two weeks.
The stock hit a high of Rs 310.45 and a low of Rs 283.70 so far during the day.
Canara Bank's gross non-performing assets (NPAs) to gross advances declined to Rs 7570.21 crore as on 31 March 2014, from Rs 8073.92 crore as on 31 December 2013 but increased from Rs 6260.16 crore as on 31 March 2013. The ratio of gross NPAs to gross advances stood at 2.49% as on 31 March 2014 as against 2.79% as on 31 December 2013 and 2.57% as on 31 March 2013.
The bank's net NPAs to net advances declined to Rs 5965.46 crore as on 31 March 2014, from Rs 6869.87 crore as on 31 December 2013 but increased from Rs 5278.07 crore as on 31 March 2013. The ratio of net NPAs to net advances stood at 1.98% as on 31 March 2014 as against 2.39% as on 31 December 2013 and 2.18% as on 31 March 2013.
Canara Bank's net profit declined 15.79% to Rs 610.83 crore on 22.57% growth in total income to Rs 11609.72 crore in Q4 March 2014 over Q4 March 2013. The result was announced during market hours today, 5 May 2014.
Canara Bank's provisions and contingencies surged 45.04% to Rs 1091.27 crore in Q4 March 2014 over Q4 March 2013.
The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 10.63% as on 31 March 2014 as against 9.83% as on 31 December 2013.
Canara Bank's net profit declined 15.1% to Rs 2438.19 crore on 16.78% growth in total income to Rs 43480.37 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
A sum of Rs 370.72 crore has been charged to profit & loss account during the year ended March 2014 on proportionate basis towards unamortized liability of Rs 1853.57 crore (being amortized over 5 years beginning from 31 March 2011) on account of reopening of pension option for existing employees who had not opted for pension earlier. The balance amount of Rs 370.72 crore will be dealt with as per guidelines of Reserve Bank of India, Canara Bank said.
A sum of Rs 135.91 crore has been charged to profit & loss account during the year ended March 2014 on proportionate basis towards unamortized liability of Rs 679.52 crore (being amortized over 5 years beginning from 31 March 2011) on account of the enhancement of gratuity limit. The balance amount of Rs 135.91 crore will be dealt with as per guidelines of Reserve Bank of India, Canara Bank said.
Canara Bank's board of directors at its meeting held today, 5 May 2014, recommended final dividend of Rs 4.50 per share for FY 2014, subject to the approval of shareholders at the Annual General Meeting.
The Government of India (GoI) holds 69% stake in Canara Bank (as per the shareholding pattern as on 31 March 2014).
Powered by Capital Market - Live News
