Canara Bank shares gain 4% after September quarter numbers beat estimates

Canara Bank said it has shifted to a new tax regime with a deferred tax reduction of Rs 2,451.6 crore.

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Canara Bank shares gained as much as 4 percent on October 20 after its September quarter numbers came in ahead of analysts’ expectations despite elevated provisions.

The stock closed at Rs 259.3, up 4.14 percent on the NSE.

The public sector lender recorded an 89.5 percent year-on-year growth in standalone profit at Rs 2,525 crore for the quarter ended September FY23, aided by lower tax costs and healthy net interest income. Higher other income and operating performance also supported profitability with improved asset quality.

Net interest income (NII) for the quarter grew by 18.5 percent to Rs 7,434 crore compared to the corresponding period last fiscal, with 20 percent YoY growth in global advances and a nearly 10 percent increase in global deposits.

Numbers were ahead of analysts’ estimates. According to the average estimates of analysts polled by CNBC-TV18, profit was expected at Rs 1,948.6 crore and net interest income at Rs 7,333.6 crore for the quarter.

Net interest margin (NIM) for the quarter expanded to 2.83 percent, against 2.72 percent in the year-ago period as well as 2.78 percent in the previous quarter.

Canara Bank said it has shifted to a new tax regime with a deferred tax reduction of Rs 2,451.6 crore.

The tax cost for the quarter ended September FY23 stood at Rs 743.2 crore, down by 18.4 percent compared to the same period last year.

The bank has improved its asset quality with gross non-performing assets (as a percentage of gross advances) falling 61 bps sequentially to 6.37 percent and net NPA was down by 29 bps QoQ to 2.19 percent for September FY23 quarter.

Provisions and contingencies remained elevated for the quarter at Rs 3,637 crore, increasing 8.2 percent over the year-ago period but declining 1.4 percent sequentially.

The fresh addition in non-performing assets was Rs 3,948 crore for the quarter ended September FY23, which was largely similar to the previous quarter (Rs 3,949 crore), but much lower compared to Rs 6,896 crore recorded in September FY22.

Other income (non-interest income) for the quarter grew by 13 percent YoY to Rs 4,825 crore, while pre-provision operating profit increased by 23 percent to Rs 6,905.5 crore in the same period.