Canara Bank jumps to 6-week high

BL Internet Desk July 26 | Updated on July 26, 2018 Published on July 26, 2018

Canara Bank shares rose as much as 5.19 per cent to Rs 272.40, their highest since June 15.   -  REUTERS

Shares of Canara Bank climbed to near 6-week high on Q1 results. Shares of the state-run lender rose as much as 5.19 per cent to Rs 272.40, their highest since June 15.

Canara Bank has posted a 11.51 per cent increase in net profit at Rs 281 crore in Q1 of 2018-19 against Rs 251 crore in the same period last year. The bank’s operating profit before provisions and contingencies stood higher by 4.35 per cent at Rs 10,259.67 crore against Rs 9,831.72 crore recorded last year.

Total income was also higher by 7.22 per cent at Rs 13,192.46 crore against Rs 12,304.10 crore recorded last year. EPS for the quarter stood at Rs 3.84 (Rs 4.21).

Motilal Oswal has increased the profit after tax estimates sharply for FY19/FY20 to account for improved operating performance but has maintained a cautious tone on asset quality.

Around 10 million shares change hands, compared with 30-day average of about 5.8 million shares. Two of 18 brokerages covering the stock rate it “buy” or higher, five “hold” and 11 “sell” or lower; their median price target is Rs 270, according to Thomson Reuters Eikon.

Canara Bank stock was up for a sixth straight session, and was the top percentage gainer on Nifty PSU Bank index.

(With inputs from Reuters)

Published on July 26, 2018
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