Shares of Canara Bank on Thursday fell by nearly 7 per cent after the company reported a standalone net loss of ₹3,259 crore for the quarter ended March.
On the BSE, the stock declined 6.76 per cent to ₹102.05. It plunged 6.84 per cent to ₹102 on the NSE.
The state-owned bank on Wednesday reported a standalone net loss of ₹3,259 crore for the quarter ended March, due to higher provisioning.
The lender had reported a net loss of ₹552 crore in the corresponding period of the previous financial year. For the full year 2019-20, the bank reported a net loss of ₹2,236 crore as against a net profit of ₹347 crore. From April 1, the bank amalgamated Syndicate Bank with it.
Total provision increased to ₹5,300 crore during the quarter as against ₹3,525 crore in the year-ago period.
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Published on
June 25, 2020
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