Canara Bank Board approves split of each share into 5 share

PSU lender Canara Bank on Monday said its Board approved split of each share into five shares.

Khaber Aajtak : The bank said in a stock exchange filing that the move was made “to improve the liquidity of the Bank’s share and to make it affordable for retail investors and also to broaden the retail investors base”.

Expected time of completion for stock split is 2-3 months, said Canara Bank. “Expected time of completion is 2 to 3 months from intimation of date of Board Meeting (February 7, 2024) to Stock Exchanges, considering the time taken for receiving RBI’s approval,” said Canara Bank.

On Monday, Canara Bank’s scrip on BSE closed trading 1.5 per cent lower at Rs 571.9. The current face value of a Canara Bank share is Rs 10, which post-split will become Rs 2.

Last month, state-owned Canara Bank reported a healthy set of numbers with net income rising nearly 27 per cent to Rs 3,659 crore in the December 2023 quarter, boosted by lower credit cost and higher interest income

The Bengaluru-based lender’s net interest income exceeded the target and rose by 9.50 per cent to Rs 9,417 crore, while credit cost declined to an impressive 24 basis points (bps) to 0.97 per cent.The bottom line was boosted by a healthy improvement in asset quality, with the gross bad loans falling by 150 bps to 3.39 per cent and the resultant fall in net bad loans which improved by 64 bps to 1.32 per cent during the reporting quarter.The bank’s provision coverage ratio stood at 89.01 per cent, improved by 269 bps, taking the core capital to 15.78 per cent.

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