PSU Stock Split: After Highest Dividend In 10-Years, PSU Stock To Sub-Divide Equity Shares

Public sector lender, Canara Bank for the first time will consider stock split/sub-division of equity shares on February 26, 2024, according to BSE data. Last trading price of Canara Bank shares on BSE is Rs 585.70 apiece with intraday fall of 0.26% as on February 16, 2024. Canara Bank shares zoomed 44% in last 3-months and gained 99% in last 1-year. If the stock split gets approved on February 26, it will be the PSU's maiden stock split. Check details below:

Highest Dividend In Last 10-Years In 2023: The bank also declared its highest dividend of Rs 12/share in last 10-years in 2023 and its ex-dividend date was June 14, 2023. Before that, Canara Bank recommended Rs 13/share dividend in 2013.

Canara Bank To Consider Maiden Stock Split On Feb 26: As per the BSE filing of the company, a meeting of PSU bank has been scheduled on February 26, 2024 to seek in principal approval from Board of Directors for sub-division/split of equity shares of the Bank. The stock split will also be subject to prior approval from Reserve Bank of India (RBI) and other regulatory/statutory/government of India approvals may be needed.

Canara Bank will be carrying out its first ever stock split in case the proposal is approved.

No Bonus Issue Yet: The PSU has never recommended any bonus share in its history yet.

Canara Bank Shares Performance & Return: The 52-week high price of Canara Bank shares on BSE is Rs 594.50 apiece and 52-week low price is Rs 268.85 apiece, respectively. The bank has a market capitalisation of Rs 1,06,253.61 crore. Canara Bank shares offered shareholders return of 79% in last 6-months, gained 139% in last 2-years, and offered rally of 260% in last 3-years. In last 5-years, the PSU stock surged 172%.

Canara Bank Financials: The bank on January 24, 2024 announced its net profit at Rs 3,656 crore for the October to December quarter, up 26.87% as against Rs 2881.52 crore announced in the corresponding quarter of last fiscal. The PSU's non-performing asset (NPA) arrived at 4.39%, down from 5.89% declared in the similar quarter of preceding fiscal. Net NPA of Canara declared at 1.32%. Its net interest income announced at Rs 9,417 crore, up 9.50%. Net Interest Margin declared at 3.02% grew by 9 bps. Canara's global business jumped by 9.87% YoY to Rs 22,13,360 crore as of December 2023. Global deposits declared at Rs 12,62,930 crore and global advance (gross) announced at Rs 9,50,430 crore, respectively.

Disclaimer:

The stock highlights the stock split and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.