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Canara Bank Shares: Shares of this public sector bank reached new highs after quarterly results, jumping 31% in a single month

Canara Bank Shares: Shares of Canara Bank on Tuesday, November 1, reached its new high in the last 1 year. This rise in the shares of the company has come after the announcement of strong results for the September quarter. In the last 1 month, the share of Canara Bank has climbed about 31 percent so far. At the same time, since the announcement of the September quarter results on October 20, 2022, its shares have gained about 18 per cent so far. Canara Bank is a public sector bank with a market value of around Rs 53,000 crore. Shares of Canara Bank saw a rise of 2.5 percent during early trading today and reached its new record level of Rs 297.30 on NSE. This is its highest level since April 2019. At the time of writing the news at 2.45 pm, Canara Bank shares were trading at Rs 292.70, up 0.67 per cent on the NSE.

Canara Bank's September quarter profit up 89%

Canara Bank's September quarter results were better than expected. The bank's net profit in the September quarter grew by almost 89 per cent to Rs 2,525 crore, from Rs 1,333 crore in the corresponding quarter of the previous financial year. The bank's net interest income (NII) also grew by 8.5 per cent to Rs 7,434 crore in the September quarter as against Rs 6,273.8 crore in the same quarter of the previous fiscal. One of the reasons behind the bank's good results was its provisioning incident. Canara Bank's provisioning for the second quarter on a quarterly basis declined from Rs 3,690 crore to Rs 3,637 crore.

Canara Bank's NPA decreased

On the NPA front too, there was good news for Canara Bank. Looking at the NPAs of Canara Bank in rupees, the gross NPA of the bank declined from Rs 54,734 crore to Rs 52,485 crore in the September quarter on a quarterly basis. On the quarterly basis, the net NPA of the bank came down from Rs 18,505 crore to Rs 17,286 crore. On a quarterly basis, the gross NPA of the bank declined to 6.37% from 6.98% for the September quarter. While the Net NPA for the second quarter on a quarterly basis declined from 2.48% to 2.19%.

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