CANARA BANK: Operating performance healthy; loan growth gaining traction (CBK IN, Mkt Cap USD5.7b, CMP INR259, TP INR340, 31% Upside, Buy) Asset quality continues to improve Canara Bank (CBK) reported a healthy performance with 19% YoY NII growth (3% beat) driven by 8bp margin expansion in 2QFY23. This coupled with healthy treasury gains and traction in fee income drove overall earnings. The bank has further adopted the new tax regime and provided deferred tax worth INR24.5b. Tax rate for 2...
CANARA BANK (IN), a company active in the Money Center Banks industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 4 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Positive. As of the analysis date February 4, 2022, the closing price was INR 261...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Summary United Bank of India - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights United Bank of India (UBI) is a provider of a range of retail, commercial, and international banking solutions to individuals, SMEs, non-resident Indians (NRIs), and corporates. Its offer...
Summary Marketline's Corporation Bank Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Corporation Bank since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and...
Summary Marketline's United Bank of India Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by United Bank of India since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the org...
Canara Bank: Asset quality stress persists; improvement in operating performance (CBK IN,Mkt Cap USD2.8b, CMP INR259, TP INR278, 7% Upside, Neutral) NII grew 30%/43% QoQ/YoY, primarily led by a recovery of INR5.2b from resolution of Bhushan Steel and INR2.2b of income tax refund. Reported NIM expanded 10bp QoQ to 2.52% (domestic NIM at 2.75% v/s 2.65 in 4Q). Other income increased 38% QoQ, largely on account of recovery of INR2.8b from the resolution of Electro Steel; treasury gains were ...
Indian banks are going through the final phase of their balance-sheet clean up. This completes a five-year process of purging legacy NPLs from the sector, and should see large public-sector banks return to profitability over the next 12 to 18 months. While we are positive on the sector's fundamental momentum, we observe that spreads are relatively tight. We also expect significant issuance over the next two years as 57% of hard-currency Indian bank bonds will mature by 2020.
Canara Bank: Elevated provisions lead to losses; asset quality stress persists (CBK IN, Mkt Cap USD2.8b, CMP INR246, TP INR266, 8% Upside, Neutral) Canara Bank (CBK) reported a loss of INR48.6b, led by elevated provisions and opex, as the bank chose to not use the RBI's dispensation on spreading out provisioning for NCLT accounts, MTM provisions and gratuity provisions. PPoP decline of 41% YoY was led by lower total income (-15% YoY) and higher opex (+20% YoY), taking the CI ratio to 59.1...
Moody's Investors Service says that the final stage of a multiyear initiative by India's central bank to push banks to recognize problem assets more accurately will reduce profitability for the sector in the near term, but produce benefits over the longer term. "While this push will ...
Moody's Investors Service says that the India government's detailing of how much capital each public sector bank will receive in the financial year ending March 2018 is credit positive for the sector. "This announcement is a credit positive for all public sector banks, and especially...
Canara Bank: Elevated provisions offset PPoP growth; asset quality stress persists (CBK IN, Mkt Cap USD3.5b, CMP INR380, TP INR415, 9% Upside, Neutral) Canara Bank’s (CBK) PPoP growth of 42% YoY (9% beat on other income) was offset by elevated provisions of INR26.7b (59% miss), leading to a 51% YoY decline in PAT to INR1.3b. Reported NIM was flat QoQ at 2.35% (domestic NIM at 2.64% v/s 2.60 in 2Q). NII grew 32%/52% QoQ/YoY. 3QFY18 NII had INR7b of interest reversals. Other income grew -13%...
FINANCIAL INSTITUTIONS ISSUER PROFILE 12 January 2018 TABLE OF CONTENTS Company overview 1 Financial highlights 2 Business description 3 Distribution channels 4 Ownership structure 5 Subsidiaries 6 Company management 7 Company history 7 Peer group
​Canara Bank: Elevated provisions offset PPoP growth; asset quality stress persists(CBK IN, Mkt Cap USD3.4b, CMP INR404, TP INR386, 4% Downside, Neutral)Canara Bank's (CBK) PPoP growth of 16% YoY (9% beat on opex beat of 4%) was offset by elevated provisions of INR21.6b (44% miss), leading to a 27% YoY decline in PAT to INR2.6b. Reported NIM was flat QoQ at 2.34% (domestic NIM at 2.6% v/s 2.56 in 1Q). NII grew 3%/14% QoQ/YoY. 1QFY18 NII had INR800-900m of interest reversals. Other income grew...
Announcement: Moody's: Canara Bank's ratings unchanged by tap bond issuance. Global Credit Research- 11 Oct 2017. Singapore, October 11, 2017-- Moody's Investors Service says that Canara Bank's proposed senior unsecured tap bond issuance under its US $2 billion Medium-Term Note program carried out from its London branch has no impact on Canara Bank, London Branch's Baa3 foreign currency senior unsecured debt rating.
FINANCIAL INSTITUTIONS CREDIT OPINION 25 August 2017 Update RATINGS Canara Bank Domicile India Long Term Debt Not Assigned Long Term Deposit Baa3 Type LT Bank Deposits - Fgn Curr Outlook Stable Please see the ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts
​Canara Bank: Slippages remain elevated; One off gains help PPoP(CBK IN, Mkt Cap USD2.2b, CMP INR371, TP INR360, 4% Downside, Neutral) Canara Bank's (CBK) PBT declined 18% YoY to INR2.7b, missing our estimate by ~68% due to elevated provisions of INR22.0b (94% higher than our estimate). Loan growth stood muted at 8% YoY due to 11% YoY decline in infra loans (13% of advances), despite retail/SME loans growing 8%/12% YoY. Reported NIM expanded 11bps QoQ to 2.34% (domestic NIM at 2.56%). NII grew...
​Canara Bank: Gross slippages jump QoQ; elevated provisions led to PAT miss(CBK IN, Mkt Cap USD3.2b, CMP INR396, TP INR380, 4% Downside, Neutral)Canara Bank’s (CBK) earnings (INR2.1b; -105% YoY) missed our estimate by ~53% due to elevated provisions of INR27.1b (27% miss). Loan growth for FY17 stood at 5% YoY, with infra loans (15% of advances) declining 8% YoY, but retail loans growing 7% YoY.Reported NIM expanded 8bp QoQ to 2.27% (domestic NIM at 2.39%, global NIM at 2.23%). However, 3QFY1...
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