Canara Bank reports standalone net loss at Rs.3,905.49 crore in Q4FY16 vs net profit of Rs. 612.96 crore yoy : Beats Estimates

The bank’s standalone NII stood at Rs. 2,373.76 crore, down 4.52% yoy but up 6.61% qoq.

May 27, 2016 3:02 IST | India Infoline News Service
Canara Bank
Canara Bank, oldest and one of the major commercial banks of India, reported  standalone net loss of Rs.3,905.49 crore for the quarter ended March 31, 2016. However, the bank had reported net profit of Rs.612.96 crore in the corresponding quarter of the previous year and Rs. 84.97 crore in the preceding quarter. It's Net Interest Income (NII) for the quarter stood at Rs. 2,373.76 crore, declining 4.52% yoy, but clocking growth of 6.61% qoq

Gross non-performing assets (GNPA) for the quarter stood at 9.4% up 551 bps yoy and 356 bps qoq. Provisions at Rs.6,331.54crore were higher 527.15% yoy and 343.12% qoq.

For the year ended March 31, 2016, the bank reported net loss of Rs. 2,812.82crore as compared to net profit of Rs. 2,702.63 crore in the corresponding period of the previous year. It's NII for the current period of Rs. 9,763.36 crore was up  1.03% yoy.

Provisions during the period at Rs. 10,332.43 crore were higher by 199.25% yoy.

Result Highlights: (Rs. in crore)

Reported Results IIFL Estimates Variance (%)
Standalone Revenue 2373.76 2 1,18,588
Standalone Net Profit -3905.49 146 N/A

Bloomberg estimated the company’s standalone net profit at Rs. 1,887.78 crore.

Stock Commentary:

Canara Bank is currently trading at Rs. 190.35, down by 8.4 points or 4.23% from its previous closing of Rs. 198.75 on the BSE.

The scrip opened at Rs. 197 and has touched a high and low of Rs. 203.1 and Rs. 185.7 respectively. So far 4365554(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 10791.95 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 359.85 on 18-Aug-2015 and a 52 week low of Rs. 156.2 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 200.4 and Rs. 178.2 respectively.

The promoters holding in the company stood at 66.3 % while Institutions and Non-Institutions held 25.7 % and 8 % respectively.

The stock is currently trading above its 200 DMA.

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