Canara Bank spurts as Q2 profit beats analyst forecast
The stock has rallied 9% to Rs 271 after announcement of Q2 results.
Canara Bank has soared 6% to Rs 262 on NSE after reporting a lower than expected 5.3 % year-on-year (yoy) decline in net profit at Rs 626 for the second quarter ended September 30, 2013 (Q2) due to higher net interest income. The state-owned bank had profit of Rs 661 crore in the year-ago period.
The bank’s net interest income (NII) however, grew 12% yoy at Rs 2,191 crore, Canara Bank said in a statement.
Analysts on an average expected NII of Rs 1,971 crore and profit of Rs 458 crore for the quarter.
Meanwhile, during the quarter under review, the bank’s gross bad loan ratio decline to 2.67% from 2.91%, while net NPA ratio reduced to 2.30% from 2.48% on sequential basis.
The stock opened at Rs 245 and hit a high of Rs 271 after announcement of Q2 results. A combined nearly 6 million shares have changed hands on the counter till noon deals on BSE and NSE.
The bank’s net interest income (NII) however, grew 12% yoy at Rs 2,191 crore, Canara Bank said in a statement.
Analysts on an average expected NII of Rs 1,971 crore and profit of Rs 458 crore for the quarter.
Meanwhile, during the quarter under review, the bank’s gross bad loan ratio decline to 2.67% from 2.91%, while net NPA ratio reduced to 2.30% from 2.48% on sequential basis.
The stock opened at Rs 245 and hit a high of Rs 271 after announcement of Q2 results. A combined nearly 6 million shares have changed hands on the counter till noon deals on BSE and NSE.
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First Published: Nov 12 2013 | 1:15 PM IST