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E-mail ID will not be published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

  • India’s festivals teach us to share our wealth and joy

    India is an aporia in its own true sense.

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

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture