BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Canara Bank reported healthy earnings for Q2 FY22, supported by higher treasury gains and recovery from the Dewan Housing Finance Corporation Ltd. resolution.
This recovery was predominantly utilised for making provision of Rs 32 billion towards one large corporate account (SREI Infra), and Canara Bank now holds 50% provision for this stressed account.
On the business front, the bank witnessed a decent sequential recovery in the growth of its retail and agri portfolios, while the weak trend in its corporate book continued.
On the asset quality front, slippages were elevated at ~Rs 69 billion, mainly due to a large corporate account, while higher recoveries and upgrades aided an improvement of 8 basis points/25 bps QoQ in the gross non performing asset/net non performing asset ratio.
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