This Rakesh Jhunjhunwala Owned Public Sector Bank Announces Dividend For The First Time In 5 Years

Canara Bank board met early during the day for audited results and dividend. Likewise, the public sector bank in which ace investor Rakesh Jhunjhunwala has 1.96 percent holding as on March 31, 2022 has announced Rs. 6.5 per share dividend. In the update on the dividend, the PSB in a BSE filing said, "Recommend Dividend of Rs. 6.50/- per equity share (i.e. 65%) of face value of Rs. 10/ each to the shareholders for the year 2021-22, subject to the approval of Shareholders at the ensuing Annual General Meeting of the Bank".

Record date for the dividend

Also, the bank has notified on the record date and said, " Record date for payment of Dividend will be Thursday, 16th June 2022. The payment of dividend is subject to the approval of Shareholders at the ensuing Annual General Meeting of the Bank.

Note for being eligible to receive this dividend amount, interested investors need to have the shares of Canara Bank in their demat account as on June 16, 2022.

Canara Bank Q4Fy22 Results

The bank's net profit during the review period has jumped by 65% from Rs. 1010 crore as in Q4FY21 period to Rs. 1670 crore. Also, the total income saw an increase by over 6% during the same period to Rs. 22320 crore. The profitability of this scale is on the back of sharp reduction in NPA provisioning from Rs. 4430 crore in Q4Fy21 to Rs. 2130 crore, i.e. a decline by over 5%. Net provisions nevertheless have gone higher to Rs. 3710 crore during the quarter.

The scrip of the public sector lender in trade on May 6, 2022 closed at a price of Rs.219.35, down 2.4%.

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