Canara Bank rose 3.02% at Rs 213 after net profit rose 21.83% to Rs 364.92 crore on 14.06% increase in total income to Rs 14,461.73 crore in Q2 September 2019 over Q2 September 2018.The result was announced during market hours today, 6 November 2019.
The bank reported an improvement in asset quality. The bank's gross non-performing assets (NPAs) stood at Rs 38711.33 crore as on 30 September 2019 as against Rs 39399.02 crore as on 30 June 2019 and Rs 45233.22 crore as on 30 September 2018.
The ratio of gross NPAs to gross advances stood at 8.68% as on 30 September 2019 as against 8.77% as on 30 June 2019 and 10.56% as on 30 September 2018.
The ratio of net NPAs to net advances stood at 5.15% as on 30 September 2019 as against 5.35% as on 30 June 2019 and 6.54% as on 30 September 2018.
The bank's provisions and contingencies declined 28.12% to Rs 2037.97 crore in Q2 September 2019 over Q2 September 2018.
Provision Coverage Ratio improved to 70.11% in Q2 2019 from 61.39% in Q2 2018.
Shares of Canara Bank have declined 6.93% in three months as compared to a 10.65% rise in Nifty Bank index.
Canara Bank is a state-owned commercial bank with headquarters in Bangalore. The Government of India holds a 70.62% stake in Canara Bank as of September 2019.
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