Canara Bank's Q3 profit rises 280%; shares fall

Canara Bank on Friday reported 279% rise in its net profit for third quarter ended December 31, 2016. The bank said that net profit for the given quarter stood at Rs 321.88 crore, a rise of 279.26% from Rs 84.87 crore for the corresponding period of the previous year. 

Net profit at the end of second quarter stood at Rs 326.91 crore. 

Net Interest Income (NII) stood at Rs 2413.80 crore, up by 8.40% year-on-year (yoy) but down by 1.16% quarter-on-quarter (qoq). 

Provision for non-performing assets was at Rs 1486.57 crore, increasing 3.82% yoy.

Gross non-performing assets (GNPA) was at 9.97%, expanding by 413 basis points yoy and 16 basis points qoq. 

At 2.42 pm, shares of Canara Bank tumbled 3.73% on BSE Sensex, trading at Rs 276.25 per share.