Canara Bank stock price slips after Q3 profit falls 9%

Canara Bank stock price slips after Q3 profit falls 9%

Canara Bank share price shed over 2 percent intraday on January 28, a day after the state-owned bank reported a 9 percent year on year decline in net profit to Rs 696 crore in the December quarter, with a 61 percent jump in provisions to Rs 4,686 crore taking a toll on the bottom line.

The public sector lender reported a consolidated net profit of Rs 739.20 crore in the third quarter ended December of the current fiscal. It had earned a net profit of Rs 406.43 crore during the same period a year ago.

The bank's total income during the October-December period of 2020-21 rose to Rs 24,490.63 crore from Rs 15,531.80 crore, Canara Bank said in a regulatory filing.

"Figures of December 31, 2019, and March 31, 2020, are related to standalone Canara Bank financials to pre-amalgamated period, hence, not comparable with post amalgamation financials of September 30, 2020, and December 31, 2020," the bank said.