Canara Bank drops after reporting dismal Q1 results

Canara Bank declined 0.79% to Rs 306.95 at 14:45 IST on BSE after net profit dropped 40.65% to Rs 478.84 crore on 4.47% rise in total income to Rs 12252.64 crore in Q1 June 2015 over Q1 June 2014.

The result was announced during market hours today, 5 August 2015.

Meanwhile, the S&P BSE Sensex was up 147.18 points or 0.52% at 28,219.11.

On BSE, so far 5.44 lakh shares were traded in the counter as against average daily volume of 1.98 lakh shares in the past one quarter.

The stock hit a high of Rs 314 and a low of Rs 304.25 so far during the day. The stock had hit a 52-week high of Rs 478.40 on 28 January 2015. The stock had hit a 52-week low of Rs 254.30 on 29 July 2015.

The stock had outperformed the market over the past one month till 4 August 2015, gaining 7.6% compared with Sensex's 0.07% decline. The scrip had however underperformed the market in past one quarter, declining 20.24% as against Sensex's 2.11% gain.

The large-cap PSU bank has equity capital of Rs 515.20 crore. Face value per share is Rs 10.

Canara Bank's ratio of net non-performing assets (NPAs) to net advances stood at 2.74% as on 30 June 2015, compared with 2.65% as on 31 March 2015 and 2.03% as on 30 June 2014.

The bank's ratio of gross NPAs to gross advances stood at 3.98% as on 30 June 2015, compared with 3.89% as on 31 March 2015 and 2.67% as on 30 June 2014. The gross non-performing assets (NPAs) stood at Rs 13080.63 crore as on 30 June 2015, compared with Rs 13039.96 crore as on 31 March 2015 and Rs 8159.54 crore as on 30 June 2014.

Provisions and contingencies rose 72.52% to Rs 1359.73 crore in Q1 June 2015 over Q1 June 2014.

The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 10.75% as on 30 June 2015, compared with 10.56% as on 31 March 2015 and 10.23% as on 30 June 2014.

The government of India held 64.48% stake in the bank as at 30 June 2015.

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