Rakesh Jhunjhunwala-Backed Stock Surges Over 8%; Union Bank of India Jumps 10%

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Rakesh Jhunjhunwala-Backed Stock Surges Over 8%; Union Bank of India Jumps 10%
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The public sector bank Canara Bank (NS: CNBK ) surged 8.7% to Rs 240.8 on Thursday, following robust earnings results on the day.

Ace investor Rakesh Jhunjhunwala holds a 1.6% stake in the banking stock, or 29,097,400 equity shares, as of Dec 31, 2021, entering the stock in the September 2021 quarter.

The lender’s net profit jumped 115.8% YoY to Rs 1,502 crore for the December-ending quarter, exceeding the Street’s estimate of Rs 1,340.2 crore.

Its net interest income for the quarter under focus surged 14.1% YoY to Rs 6,945 crore, also surpassing the analysts’ expectation at Rs 6,413.4 crore.

The state-owned lender’s gross NPAs in Q3 declined to 7.8%, compared to 8.42% in the last quarter, and net NPA reduced 5% to Rs 19,819 crore. Its provisions declined 33.2% YoY to Rs 2,245 crore in Q3.

In this quarter, Canara Bank’s deposits grew 7.2% YoY and 2% sequentially to Rs 10.23 lakh crore and advances climbed 9.1% YoY and 6.5% QoQ to Rs 6.92 lakh crore.

Another government lender Union Bank of India (NS: UNBK ) surged 9.7% on Thursday to close at Rs 46.8 apiece. Nifty PSU Bank climbed 5.07% with all stocks in green and Nifty Bank ended 0.73% high.

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