Canara Bank surges as NPA ratio drops in Q2 on sequential basis

Canara Bank jumped 4.88% to Rs 423.45 at 9:46 IST on BSE after the state-run bank reported a drop in the ratio of gross NPAs and net NPAs in Q2 September 2017 on sequential basis.

Meanwhile, the S&P BSE Sensex was up 151.95 points or 0.46% at 33,309.17.

On the BSE, 2.24 lakh shares were traded on the counter so far as against the average daily volumes of 2.11 lakh shares in the past one quarter. The stock had hit a high of Rs 425.70 and a low of Rs 397.65 so far during the day. The stock had hit a 52-week high of Rs 463.40 on 26 October 2017 and a 52-week low of Rs 250.17 on 2 January 2017.

The large-cap bank has equity capital of Rs 597.29 crore. Face value per share is Rs 10.

Canara Bank's net profit fell 27.1% to Rs 260.18 crore on 1.57% decline in total income to Rs 11994.64 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours on Friday, 27 October 2017.

The bank's gross non-performing assets (NPAs) stood at Rs 39164.08 crore as on 30 September 2017 as against Rs 37657.76 crore as on 30 June 2017 and Rs 33315.40 crore as on 30 September 2016.

The ratio of gross NPAs to gross advances stood at 10.51% as on 30 September 2017 as against 10.56% as on 30 June 2017 and 9.81% as on 30 September 2016. The ratio of net NPAs to net advances stood at 7.02% as on 30 September 2017 as against 7.09% as on 30 June 2017 and 6.69% as on 30 September 2016.

The bank's provisions and contingencies rose 36% to Rs 2156.64 crore in Q2 September 2017 over Q2 September 2016.

The Government of India held 66.3% stake in Canara Bank as per the shareholding pattern as on 30 September 2017.

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