Shares of Canara Bank rose nearly 8%, the biggest intraday gain in nearly three months, to Rs 238.55 apiece after the lender reported net income for the third quarter that matched the average analyst estimate
December quarter results (Standalone)
- Net profit up 116% YoY at Rs 1,502.12 crore vs Rs 696.06 crore (Bloomberg consensus estimate: Rs 1,450 crore)
- Interest income up 2.8% YoY at Rs 17,700.60 crore vs 17,211.94 crore
- Interest expense down 3.3% YoY at Rs 10,755.62 crore vs Rs 11,125.46 croreCanara Bank Surges The Most In Three Months On In-Line Q3
- Other income at Rs 3,611.67 crore vs Rs 4,153.45 crore
- Gross NPA at 7.8% vs 8.42% QoQ
Of the 14 analysts tracking the company, 12 maintained ‘buy’ and two maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 3%.
Trading volume on the stock was over five times the 30-day average volume at this time of the day.
Source: Exchange Filing, Bloomberg
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