Canara Bank to consider stock split, share hits 52-week high

The board will meet on February 26 to take a call on Canara Bank’s first ever stock split

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Canara Bank shares surged over 5 percent to hit a new 52-week high of Rs 550 on February 7 after the PSU bank announced its decision to consider a stock split.

At 10 am, the stock was quoting at Rs 546.20 on the National Stock Exchange, up 4.75 percent from the previous close.

This will be the bank’s first stock split and the board meeting is scheduled for February 26.

“..the meeting of board of directors of the bank is scheduled to be held on Monday, 26th February 2024, to seek in principle approval from the Board of Directors for Sub-Division/Split of the Equity Shares of the Bank subject to prior approval of Reserve Bank of India (RBI) and other Statutory/Regulatory/Government of India approvals, as may be required,” Canara Bank said in an exchange filing.

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For the December quarter, the public sector lender reported a net profit of Rs 3,656 crore, beating the Street’s estimates of Rs 3,524.5 crore. It marked a 26.87 percent jump in net profit from the year-ago period.

The bank’s gross non-performing asset (NPA) came in at 4.39 percent, down from 5.89 percent last year. Net NPA stood at 1.32 percent, improving from 1.96 percent from the previous year.

As of December 31, the bank had 9,585 branches, of which, 3,095 were rural, 2,742 semi-urban, 1,906 urban and 1,842 metro along with 10,463 ATMs.

The bank also has three overseas branches in London, New York and Dubai.

Stock performance

The stock has gained 85.38 percent over the past year, outperforming the Nifty PSU Bank index that has gained 69 percent over the period.

The stock is also trading above its 20, 50 and 200-day moving averages.

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