PSU Bank Declares 92% Jump In Net Profit, JM Financial Sees Upside In Shares, Buy

Leading Public Sector Bank, Canara Bank on Monday (January 23, 2023) announced its Q3 results. It declared a sharp surge in its net profit at 92% year-on-year to Rs 2882 crore for the quarter ended December 31, 2022.

Earlier, the lender declared a net profit of Rs 1502 crore in the similar quarter of an year ago period. Meanwhile, JM Financial has assigned buy call to Canara Bank with a target price of Rs 355 apiece. If you buy Canara Bank now, you will potentially receive a return of 16%, claims the analyst. Check details below:

1. Canara Bank Stock Performance

The current market price of the stock is Rs 308.90 apiece with an intraday fall of 3.38% on BSE. The stock's 52-week high is Rs 341.60 apiece and 52-week low is Rs 171.70 apiece, respectively. The bank has a market capitalisation of Rs 56,002.20 crore.

2. Canara Bank Return

The stock has been giving attractive return for the last couple of months to investors. In the last 1-month only, Canara Bank stock surged nearly 5%, 7% in last 3-months, 37% in last 6-months, 37% in last 1-year, and 39% in last 3-years. The banking stock delivered negative return of 15% in last 5-years.

3. Canara Bank Q3 Results

The bank reported a strong jump of 92% in its net profit for the quarter ended December 31, 2022 to Rs 2882 crore. It announced a net profit of Rs 1502 crore in the same quarter of an year ago period.

The bank's Net Interest Income or NII witnessed a boost as well for the December quarter by 23.82% to Rs 8600 crore from Rs 6945 crore reported in the similar quarter of an year ago period. Canara Bank's NPA declined to 1.96% for December 31, 2022 quarter as against 2.19% reported on September 30, 2022.

4. Canara Bank About

Over the years, Canara Bank has been scaling up its market position to emerge as a major Financial Conglomerate with as many as fourteen subsidiaries/sponsored institutions/joint ventures in India and abroad.

As at September 2022, Canara Bank services over 10.6 crore customers through a network of 9,722 branches and 12,158 ATMs/Recycler spread across all Indian states and Union Territories, according to its official website.

Disclaimer

The stock has been picked from the brokerage report of JM Financial. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.