Canara Bank Q3 results to be announced today

The Bengaluru-based headquartered Canara Bank is announcing its Q3 Financial Year 2023-2024 results today at around 4 pm. Currently the shares of public sector company is not doing so good and are trading as low as expected. Yet the gross year’s profit is envisaging a new dawn.

The quarter results for the July-September period for FY24 reported a growth of 43% in net profit ratio floating at Rs 3,606 crore as compared to Rs 2,525 crore in the corresponding period of previous fiscal year.

Broadly the previous quarterly results were shown to be affirmative and spectacular, resolving substantial gains and productive growth, as the net NPA for the quarter improved to 1.41 percent from 2.19 percent in the last fiscal year.

Meanwhile, the provision coverage ratio improved to 88.73 percent in the September quarter from 85.36 percent in the previous year. Whereas, the gross NPAs declined to 4.76 percent of total loans in the September quarter over 6.37 percent in the previous year.

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The present scene demonstrates low share price value in the stock market today as the public sector lenders is currently trading low at 446.55 per share. The stock was previously closed at 456.35 per share. The percent change is at -2.15 and a net change of -9.8 is recorded today.

 

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The expected predictions has forecasted the public sector bank's Q3 results to report net profit around Rs 3500 crore up to 22.3% year-on-year growth. According to Emkay the Net Interest Income [NII] is expected to increase by 0.7% Y-o-Y to Rs 8,650 crore.

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