The shares of public sector banks increased by up to 6 percent when the company’s Board planned a meeting on Monday, February 26, 2024, to seek in-principle permission for the stock split.
With a market capitalization of Rs 99,051.51 crore, the shares of Canara Bank were trading at Rs 546.00 per share, increasing around 4.75 percent as compared to the previous closing price of Rs 521.25 apiece.
According to the company filing, Canara Bank’s board of directors plans to seek in-principle shareholder approval for a sub-division/split of the bank’s equity shares on Monday, February 26, 2024, subject to prior Reserve Bank of India (RBI) and other Statutory approvals.
Looking into the company’s performance, Canara Bank’s revenue increased by 26 percent from Rs 22,561 Crore in Q3FY23 to Rs 28,492 Crore in Q3FY24. During the same period, net profits increased by 41.79 percent from Rs 3,058 crore to Rs 3,827 crore.
Canara Bank achieved an impressive Rs 20 lakh crore in total global business during FY 2022-2023. This illustrates Canara Bank’s strong foundation and rising profitability.
As of March 2023, CASA deposits were Rs 3,66,472 crore, with savings deposits at Rs 3,18,818 crore and current deposits at Rs 47,654 crore. The Bank’s domestic CASA ratio was 33.48% as of March 2023, while it maintained a strong deposit consumer base of around 10.77 crores.
As of March 2023, the gross NPA ratio decreased by 216 basis points to 5.35%, while the net NPA ratio decreased by 92 basis points to 1.73%. The Provision Coverage Ratio (PCR) increased by 314 basis points year on year to 87.31% in March 2023.
When it comes to revenue from the geographic segment, the company’s revenue in India increased by 17%, from Rs 84,788.19 crore in FY2021–22 to Rs 99,353 crore in FY2022–23, while revenue from outside of India increased by 242 percent from Rs 1,118.96 crore in FY2021-22 to Rs 3,833.79 crore in FY2022-23.
Canara Bank engages in Treasury, Retail, Wholesale, and Other Banking Operations. It has completed almost a century in the sector and maintains a leading place in the community of Indian banks.
Written by Abhishek Singh
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