Discover the latest insights into Canara Bank Share Price after Q3 Results in this comprehensive article. Dive deep into the financial performance, market trends, and expert analysis to make informed decisions.
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Canara Bank Share Price Target after Q3 Results
Canara Bank Share Price Target: Canara Bank has announced its results for the third quarter this week. Q3 results are good. At present, the share price of Canara Bank is Rs 465. In one year, this PSU Bank stock has given more than 50 percent return. MK Global has advised buying in this stock. In this article, you will learn all the details including long-term goals.
Canara Bank Q3 Results
According to information available on the NSE website, Canara Bank’s overall business jumped 9.87 per cent to Rs 22.13 lakh crore in the third quarter. Advances rose by 11.69 per cent to Rs 9.50 lakh crore and deposits by Rs 12.62 lakh crore. Net profit rose 26.86 per cent to Rs 3656 crore. Net interest income (NII) rose 9.50 per cent to Rs 9417 crore.
NPAs have improved significantly.
In terms of asset quality, gross NPAs stood at 4.39 per cent for the December 2023 quarter as against 4.76 per cent in the September quarter and 5.89 per cent in the same quarter a year ago. Net NPAs stood at 1.32 per cent in Q3 as against 1.41 per cent in the September quarter and 1.96 per cent in the same quarter a year ago. The provision coverage ratio stood at 89.01 per cent as against 86.32 per cent in December 2022.
Interest margin and ROA improved.
On the other hand, the net interest margin (NIM) increased by 9 basis points to 3.02 per cent. The return on assets (ROA) was 1.01 per cent, down from 0.76 per cent a year ago. The return on equity (ROE) stood at 21.95 per cent as against 18.38 per cent in the same quarter a year ago. Capital Adequacy Ratio (CRAR) is 15.78% with CET of 1.11.28%.
Mutual fund confidence on Canara Bank shares
In terms of Canara Bank’s shareholding pattern, the shareholding of FIIs rose to 11.21 per cent on a December quarter basis from 10.19 per cent in the September quarter and 8.91 per cent in the June quarter. Talking about DIIs, the share in the December quarter was 14.29%. Before that, it was 14.93 per cent and 15.95 per cent in the June quarter. In this category, the mutual fund has increased its stake from 4.83% to 5.21% in Q3. Instead of 30, 32 schemes have been invested in it.
FAQs (Frequently Asked Questions)
How did Canara Bank perform in Q3? Canara Bank showcased robust performance in Q3, with notable growth in key financial metrics.
What factors influenced Canara Bank share price post-Q3 results? Several factors, including market sentiments, regulatory changes, and financial performance, influenced Canara Bank share price dynamics post-Q3 results.
Is it a good time to invest in Canara Bank shares after Q3 results? Investment decisions should be based on thorough analysis and individual risk tolerance. While Canara Bank’s performance in Q3 may present opportunities, investors should conduct comprehensive research before making investment decisions.
How can investors mitigate risks associated with investing in Canara Bank post-Q3 results? Diversification, thorough research, and staying informed about market trends are key strategies for mitigating risks associated with investing in Canara Bank post-Q3 results.
What are analysts projecting for Canara Bank’s future performance? Analysts are cautiously optimistic about Canara Bank’s future performance, citing potential growth opportunities and operational efficiency measures.
Where can investors find credible information about Canara Bank’s Q3 results? Investors can access Canara Bank’s official website, financial news portals, and regulatory filings for credible information about its Q3 results.
Conclusion:
In conclusion, the unveiling of Canara Bank Share Price after Q3 Results marks a significant milestone for investors and financial enthusiasts alike. By dissecting the financial performance, market sentiments, and expert projections, investors can navigate the complex landscape of stock market dynamics with confidence and foresight.