India's Canara Bank drops on higher credit loss provisioning, gold lending competition
BUZZ-India's Canara Bank drops on higher credit loss provisioning, gold lending competition ** Shares of India's Canara Bank CNBK.NS fall 5.7% to 117.65 rupees
** Stock on course for biggest intraday percentage loss since March 30
** Emkay Global says management highlights intense competition in gold lending as key concern despite strong Q2 results
** Says management estimates expected credit loss provisioning requirement between 120 billion rupees ($1.26 billion) and 150 billion rupees, up by 30 billion rupees due to higher bond yields and potential one-time mark-to-market impact
** JM Financial says credit cost is significantly below guidance at 0.47% against guidance of 0.75%** Says management expects limited near-term revenue from online payments services as customer adoption remains slow, while transaction-related costs remain elevated
** Stock down 23.97% YTD
($1 = 94.9875 Indian rupees)
(Reporting by Anushka Rajvedi in Bengaluru)
((mailto: anushka.rajvedi@thomsonreuters.com))
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