Canara Bank’s share price continued its two-session losing streak on Tuesday as the company reported its earnings for the quarter ended March.
What Happened: The lender on Monday reported its earnings for the quarter ended March. The bank’s net interest income – the difference between the income a bank makes from its lending activities and the interest it pays to depositors – stood at ₹8,616 crore, up 23.01% from the year-ago period. The net interest margin for the quarter stood at 3.07%.
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As of March 2023, the bank’s Global Business increased 11.72% YoY ₹20,41,764 crore with Global Deposits at Rs 11,79,219 crore and Global Advance (gross) at Rs 8,62,782 crore.
The public sector bank saw net profit zoom over 90% to ₹3,175 crore. The bank’s Gross Non-Performing Assets (GNPA) ratio came down to 5.35% from 7.51% in March 2022. Earnings per share for the quarter stood at ₹17.50. The state-owned lender’s board approved a ₹12/share dividend for the year ended March. The Board also “permitted to pay 15 days salary as Performance Linked Incentive (PLI) to the employees.”
Price Action: Canara Bank’s share price was down 2.67% to trade at ₹304.84 as the markets opened on Tuesday.
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