InvestorQ : How did Canara Bank turnaround to profits in the Mar-21 quarter and is the stock worth buying?
Arti Chavan made post

How did Canara Bank turnaround to profits in the Mar-21 quarter and is the stock worth buying?

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Rutuja Nigam answered.
4 weeks ago
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Canara Bank reported standalone profits of Rs.1,011 crore for Mar-21 quarter which was a sharp turnaround from the net loss of Rs.3,259 crore that Canara Bank had reported in the Mar-20 quarter. This turnaround was largely on the back of a sharp fall in loan loss provisions.

Total income was up 50% at Rs.21,523 crore but that was more due to the consolidation of the Syndicate Bank operations. Under the government plan, Syndicate Bank was merged into Canara Bank in the previous year. The concern is the Gross NPAs at 8.94% and bad loans surging in the quarter by Rs.60,288 crore. Moratorium impact is not fully known.

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