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.

EDITORIAL OF THE DAY

  • India’s political space acts as a safety valve for maverick politicians and frustrated electorate

    While it is easy to be cynical about Indian democracy and its ways, the fact is that the vast political space that the system provides for in this cou

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Taslima Nasreen

Bangladesh no country for atheists

It’s a matter of pride to be a freethinker, atheist ...

Purnendu Ghosh

Silence makes you aware of yourself

Often, we don’t feel the necessity of making contact with ...

Shona Adhikari

Artistic focus on women's empowerment

The focus on the girl child remains an important one ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture