The shares of this bank sector company gained up to 2.23 percent after the company announced approval for divesting its 70 percent shareholding in its unlisted subsidiary Canbank Factors Ltd.
With a market capitalization of Rs 72,964.62 Crores. Canara Bank Ltd, On Wednesday, The shares were trading at Rs 402.20 a share, an increase of 1.59 percent from the previous closing price.
According to the Exchange filing, Canara Bank Ltd announced approval for divesting its 70 percent shareholding in its unlisted subsidiary Canbank Factors Ltd. Further Canara Bank holds a 69.14 percent share in its unlisted subsidiary, Canbank Computer Services Ltd, and proposes to buy out shares of other shareholders i.e. Bank of Baroda (BOB) and DBS Bank India Ltd (DBIL).
In addition to the above para, Canara Bank is also exploring transferring credit cards and other digital product portfolios of the bank to CCSL.
Looking into the company’s performance, Canara Bank Ltd’s revenue increased by 24 percent from Rs 27,358.37 Crore in Q2FY23 to Rs 33,891.21 Crore in Q2FY24. During the same period, net profits increased by 41.79 percent from Rs 2,593.49 crore to Rs 3,677.39 crore.
As one of the top banks, Canara Bank demonstrated exceptional performance in FY 2022–2023 as well, reaching a significant benchmark of `20 lakh crore in gross global business during the fiscal year. This demonstrates the sound foundation and increased profitability of Canara Bank.
Treasury operations, retail banking operations, wholesale banking operations, and other banking operations are all included at Canara Bank. It has been in the business for more than a century and is one of the top banks in India.
Written By:- Abhishek Singh
