Canara Bank slides after poor Q2 results

Canara Bank lost 1.84% to Rs 274.30 at 15:15 IST on BSE after net profit declined 15.63% to Rs 528.86 crore on 4.72% growth in total income to Rs 12477.95 crore in Q2 September 2015 over Q2 September 2014.

The result was announced during market hours today, 4 November 2015.

Meanwhile, the S&P BSE Sensex was down 33.85 points or 0.13% at 26,556.74.

On BSE, so far 4.48 lakh shares were traded in the counter as against average daily volume of 1.35 lakh shares in the past two weeks.

The stock hit a high of Rs 284 and a low of Rs 272.45 so far during the day.

On absolute basis, Canara Bank's gross non-performing assets (NPAs) stood at Rs 14021.34 crore as on 30 September 2015 compared with Rs 13080.63 crore as on 30 June 2015 and Rs 9164.26 crore as on 30 September 2014. The ratio of gross NPAs to gross advances stood at 4.27% as on 30 September 2015 as against 3.98% as on 30 June 2015 and 2.92% as on 30 September 2014. The ratio of net NPAs to net advances stood at 2.9% as on 30 September 2015 as against 2.74% as on 30 June 2015 and 2.31% as on 30 September 2014.

The bank's provisions and contingencies surged 48.98% to Rs 1212.31 crore in Q2 September 2015 over Q2 September 2014.

The Government of India held 66.3% stake in Canara Bank (as per the shareholding pattern as on 30 September 2015).

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