Canara Bank shares react as Q3 profit jumps 27%

Shares of Canara Bank cut intraday losses in Wednesday's session after the PSU bank said its) net profit for the December quarter jumped 26.86 per cent year-on-year (YoY) to Rs 3,656 crore on a 9.5 per cent rise in net interest income at Rs 9,417 crore.

The PSU bank said its Gross non-perfoming assets (NPA) came in at 4.39 per cen of advances, down 150 basis points YoY. Credit cost for the bank at 0.97 per cent fell 24 basis points.

Theb bank said its provisions for the quarter fell 21.45 per cent QoQ to Rs 3,150 crore over the September quarter's Rs 4,010 crore. Provisions in the December 2022 quarter stood at Rs 4,070 crore, the bank said.

Following the results, the Canara Bank stock was trading at Rs 454.95, down 0.31 per cent. The scrip hit low of Rs 442.80 earlier today.

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