Canara Bank Stocks Surged 1.77% in One Day; Total 65% in One Year!

Today, shares of the company rose after the bank in its meeting held on June 28 approved the Capital Raising Plan for the financial year 2023-24 amounting up to Rs 7500 crore by way of Debt Instruments. In the last trading session, the scrip closed at Rs 296.75 today it opened at Rs 298.25 and currently it is trading at Rs 302, up by 1.77%.  

The Board of Directors approved two actions. First, they will raise capital through Basel III Compliant Additional Tier I Bonds of up to Rs 3500 crore during FY 2023-24, subject to market conditions and necessary approvals. Second, they will also raise capital through Basel III Compliant Additional Tier II Bonds of up to Rs 4000 crore during FY 2023-24, subject to market conditions and necessary approvals.  

The BSE group ‘A’ stock has a market capitalization of around Rs 54,700 crore. Talking to the financials of quarterly results in comparison to the same quarter last year, the bank’s net profit for the fourth quarter which ended on March 31, 2023, increased by 64.18% to Rs 3232.84 crore from Rs 1969.04 on a consolidated basis.  

The bank reported an 86.50% increase in net profit for the year ended March 31, 2023, from Rs 5,795.10 crore to Rs 10,807.80 crore on a consolidated basis. When compared to the year ended March 31, 2022, the bank’s total revenue increased by 17.99% to Rs 1,11,209.76 crore from Rs 94,256.89 crore for the year under review.   

In July 1906, Canara Bank was established in Mangalore, Karnataka. Throughout its one-hundred-year history, the bank has experienced many stages of its growth trajectory. Canara Bank saw spectacular growth, particularly after being nationalised in 1969 when it attained the status of a national player in terms of geographic reach and clientele groups. 

Canara Bank now holds a top spot in the league of Indian banks as 4th biggest PSU bank in terms of market capitalisation.