Rakesh Jhunjhunwala Stock | Canara Bank q1: This Jhunjhunwala stock drops 4% despite a 72% YoY jump in Q1 profit

Shares of tanked nearly 4 per cent in Monday’s trade, only to recover some ground after the PSU lender reported a 72 per cent year-on-year (YoY) jump in net profit for the June quarter.

Following the results, the scrip fell 3.6 per cent to a low of Rs 220.75 on BSE. The scrip was later trading at Rs 226.30, down 1.18 per cent. The scrip has climbed 10 per cent year-to-date against a 3 per cent rise in the BSE Bankex.

The bank earlier in the day reported a 71.79 per cent YoY rise in net profit at Rs 2,022 crore compared with Rs 1,177 crore in the same quarter last year.

Rakesh Jhunjhunwala held a 1.96 per cent stake or 35,597,400 shares of the company as of June 30, the same as the March quarter.

The PSU bank reported a 10.5 per cent growth in NII for the quarter at Rs 6,785 crore from Rs 6,160 crore in the year-ago quarter. Non-interest income was up 24.55 per cent YoY at Rs 5,175 crore from Rs 4,155 crore. Gross non-performing assets fell to 6.98 per cent from 7.51 per cent in the March quarter and 8.5 per cent in the year-ago quarter. Provisions for the quarter, however, rose to Rs 4,584 crore from Rs 4,536 crore in the March quarter and Rs 4,304 crore in the year-ago quarter.

Net interest margin (NIM) for the quarter came in at 2.78 per cent, down from 2.93 per cent in the March quarter, but higher than last year’s 2.71 per cent.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

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