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Canara Bank share price dropped down following Q3 profit decline

The one of the largest public sector lenders has reported a profit decline of 9 percent on year-on-year basis in its quarter report of December 2020.

Canara Bank fell more than 2 percent in intraday on Thursday just after releasing its Q3 report for the last quarter.

The public sector bank has reported Rs 696 crore in the last quarter with a hike in provisions to Rs 4,686 crore.

Leaving a mark on the bottom line, the bank has jumped by a total 61 percent in its provisions.

Canara Bank has reported a consolidated net profit amount of Rs 739.20 crore in the third quarter which ended on December 2020.

The lender has however reported some net profit gain of Rs 406.03 crore during the same fiscal year.

Moving ahead, it is also important to know that, effective from April 2020 Canara Bank has merged with Syndicate Bank.

Bank’s total consolidated income during the October – December session of 2020-2021 increased to Rs 24,490.43.

This is a very steep growth from the previous amount of 15,531 crore. The bank has disclosed these amounts in its regulatory files.

Coming to the assets, the bank’s gross NPAs also declined to 7.48 percent as of December 2020. Also, the stock has hit the intraday high of Rs 129.80 and on the downside has settled at an intraday low of Rs 124.60.

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