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Canara Bank’s Board Approves Share Split in Ratio of 1:5
Public sector bank Canara Bank’s board has approved its share split. That means it has been decided to split the share of Canara Bank in the ratio of 1:5. The move is said to be aimed at improving the liquidity of the Canara Bank stock, offering lower prices to retail investors and broadening the retail investor base.
Public sector bank Canara Bank’s board has approved its share split. That means it has been decided to split the share of Canara Bank in the ratio of 1:5.
The move is said to be aimed at improving the liquidity of the Canara Bank stock, offering lower prices to retail investors and broadening the retail investor base.
It is reported that the demerger work will be completed in the next 2-3 months. It is also reported that while the face value of Canara Bank share was Rs.10, its value will now change to Rs.2.
Canara Bank’s net income rose nearly 27 percent to Rs. 3,659 crores. Earnings rose due to lower borrowing costs and higher interest income.
Bengaluru-headquartered Canara Bank’s net interest income exceeded the target by 9.50 per cent at Rs 9,417 crore. At the same time the cost of borrowing decreased by 24 basis points (bps) to 0.97 percent.
The bank’s gross NPL is 3.39 percent and net NPL is 1.32 percent.
The bank’s provision coverage ratio stood at 89.01 per cent, an improvement of 269 bps, with core capital at 15.78 per cent.
Net interest income increased by 9.50 percent to Rs 9,417 crore. Also, net interest margin increased by 9 bps to 3.02 percent.
In today’s trading on February 27, the share price of Canara Bank rose by 0.38 percent to Rs 575.45 at 10.30 am.
