Canara Bank falls; earnings concerns surface

Shares in Canara Bank Ltd fall after dealers say the bank's January-March quarterly net profit was boosted by a tax refund they estimated at Rs 1 billion ($16.62 million).

The falls reverse a 6.6 percent rally on Monday when investors had reacted positively to the state-lender's results, especially as its net non-performing loans fell to 1.98 percent during the January-March quarter from 2.39 percent in the previous quarter.

Analysts say Canara's loans decreased mainly as a result of the sale of some bad assets.

Canara was not immediately reachable despite several attempts.

Shares in Canara Bank were down nearly 4 percent as of 11:52 a.m.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • It will take at least 4 more quarters for corporate bottomlines to turn around

    Aggregate numbers from corporate results in the June quarter of 2014-15 are hardly different from the previous six quarters, with no positive surprise

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Dealing with a sin called insensitivity

Rage and the notion of being above the law — ...

Kuruvilla Pandikattu SJ

India’s greatest gift to the world

What we hear most often about India these days is ...

Gautam Gupta

Why must innerwear be our best kept secret?

While women’s outerwear rules the marketing roost in India, unfortunately, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture