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Latest news about Canara Bank

Canara Bank Unveils Rs 9,500 Crore Capital-Raising Plan for FY26 6 days ago

Canara Bank's board has approved a capital-raising plan of Rs 9,500 crore for FY26. The plan includes Rs 6,000 crore through Tier II Bonds and Rs 3,500 crore via Additional Tier I Bonds. This initiative aims to strengthen the bank's capital base, enhance capital adequacy, and support growth objectives. The execution is subject to market conditions and regulatory approvals.

Canara Bank to Boost Capital Base with ₹95 Billion Fundraising Plan 7 days ago

Canara Bank: Board Approves ₹9,500 Crore Fundraise for FY26 as 200% Dividend Record Date Approaches 7 days ago

Canara Bank to Review Capital Raising Strategy for FY 2025-26 Jun 05, 2025

Canara Bank Abolishes Minimum Balance Requirement for All Savings Accounts Jun 02, 2025

More news about Canara Bank

02Jun 25

Canara Bank Scraps Minimum Balance Requirement for All Savings Accounts

Canara Bank has removed the average monthly balance (AMB) requirement for all savings accounts, including salary and NRI accounts, effective June 1. This strategic move aims to attract deposits and improve customer convenience amid industry challenges in deposit mobilization. While the bank may see a reduction in penalty income, it hopes to encourage customers to shift funds into more lucrative options like term deposits.

30May 25

Canara Bank to Deliberate on Capital Raising Plan for FY 2025-26

Canara Bank's board of directors will meet on June 20, 2023, to discuss and potentially approve a capital raising plan for the fiscal year 2025-26. The plan aims to strengthen the bank's capital base and could be used for expanding lending capabilities, investing in technology, strengthening the balance sheet, and meeting regulatory requirements. Implementation of the plan will be subject to necessary approvals from relevant authorities.

19May 25

CCI Dismisses Anti-Competitive Conduct Complaint Against Canara Bank

The Competition Commission of India (CCI) has rejected allegations of abuse of dominance and anti-competitive conduct against Canara Bank in loan transactions. The CCI found no prima facie case of contravention of the Competition Act. Canara Bank's 5.73% market share in the Indian banking sector was deemed insufficient to indicate a dominant position. This decision underscores the competitive nature of India's banking industry and the challenges in proving abuse of dominance in a fragmented market.

15May 25

Canara Bank Shares Soar 16% in a Week, Hit 5-Month High on Strong Q4 Results

Canara Bank's stock reached a 5-month high of ₹106.57, delivering a 16% return in 7 trading sessions. The rally is attributed to strong Q4 results, with net profit increasing 30% year-over-year to ₹5,003 crore. Analysts maintain 'Buy' ratings with target prices between ₹117 and ₹120, citing improved treasury gains and stable asset quality as key factors.

09May 25

Canara Bank Aims to Maintain Net Interest Margin Amid Potential Stress

Canara Bank plans to maintain its Net Interest Margin between 2.75% and 2.80% despite anticipated challenges in the coming quarters. The bank reported strong financial performance in Q4 FY2025, with a 28.08% increase in net profit to ₹5,111.20 crore and a 7.68% rise in revenue to ₹40,256.20 crore. Operating profit grew by 20.41% to ₹19,371.30 crore, indicating improved operational efficiency. Interest income rose by 12.12% to ₹21,556.00 crore. The bank's management acknowledges potential stress in the first and second quarters of the current financial year.

09May 25

Canara Bank Sets Ambitious Targets for FY26: Credit Growth, Profitability, and Asset Quality in Focus

Canara Bank has announced its financial performance guidance for FY26, projecting 10-11% growth in advances. The bank expects improved profitability and asset quality, with a credit cost guidance of 0.90% and aims to increase its provision coverage ratio to 95%. This follows a strong Q4 FY25 performance, where net profit increased by 33% year-on-year to ₹5,002.70 crore.

08May 25

Canara Bank Announces ₹4 Dividend, Posts Strong Q4 Performance

Canara Bank announced a dividend of ₹4 per equity share following impressive Q4 results for FY 2023-24. The bank reported a net profit of ₹4,255.70 crore, up 11.21% YoY. Revenue increased by 5.05% to ₹37,429.90 crore, while operating profit grew 21.27% to ₹19,998.70 crore. The bank's annual net profit for FY 2023-24 rose 36.78% to ₹14,782.40 crore, with total revenue reaching ₹139,164.90 crore, up 25.14% YoY. EPS for the fiscal year increased by 35.75% to ₹84.22.

08May 25

Canara Bank's Q4 Performance: 33% Profit Surge, Improved Asset Quality, and Dividend Announcement

Canara Bank's Q4FY25 results show significant growth with standalone net profit rising 33.15% YoY to ₹5,002.66 crore. The bank improved its asset quality, reducing GNPA to 2.94% and NNPA to 0.70%. Provisions for NPAs increased to ₹2,850.00 crore. Revenue grew by 11.69% YoY to ₹36,113.80 crore. Fresh slippages rose to ₹2,660.00 crore. The bank declared a dividend of ₹4.00 per share for FY25.

25Apr 25

Canara Bank Shares: Major Block Trade Executed on NSE

A significant block trade of approximately 3,157,756 Canara Bank shares was executed on the National Stock Exchange (NSE). The transaction occurred at Rs. 97.23 per share, totaling Rs. 30.70 crore. This large-scale trade has drawn attention from market observers, potentially indicating a shift in institutional investment strategies. While the identities of the buyer and seller remain undisclosed, such transactions can influence short-term market sentiment and trading patterns.

24Apr 25

Canara Bank Slashes Lending Rates Following RBI's Repo Rate Cut

Canara Bank has reduced its Repo Linked Lending Rate (RLLR) by 25 basis points, effective April 12, 2025. This decision follows the Reserve Bank of India's (RBI) recent cut in the benchmark repo rate from 6.25% to 6.00%. Housing loan rates now start at 7.90% per annum, while vehicle loan rates have been reduced to 8.20% per annum. The move is expected to benefit both new and existing borrowers, potentially stimulating demand in the real estate and automotive sectors.

11Apr 25

Canara Bank Appoints Amit Mittal as New Group CFO, Fitch Affirms 'BBB-' Rating

Canara Bank has appointed Amit Mittal as its new Group Chief Financial Officer (GCFO), effective March 25, 2025, for a three-year term. Mittal, a Chartered Accountant with over 16 years of banking experience, has been with Canara Bank since 2008. Separately, Fitch Ratings has affirmed Canara Bank's Long-Term Issuer Default Rating at 'BBB-' with a Stable Outlook, reflecting the bank's stable financial position, government support expectations, and adequate capitalization.

24Mar 25

Canara Bank Appoints SK Majumdar as Executive Director

Canara Bank has appointed SK Majumdar as its new Executive Director for a three-year term, effective March 24, 2025. Majumdar, a 56-year-old Chartered Accountant with over 25 years of banking experience, previously served as Chief General Manager & Group CFO at Canara Bank. The appointment was made by the Central Government under the Banking Companies Act, 1970. Simultaneously, D Surendran, Chief General Manager of Canara Bank, has been appointed as Executive Director of Punjab National Bank. The bank also announced the closure of its trading window from April 1, 2025, until 48 hours after the declaration of FY 2025 financial results.

19Mar 25

Canara Bank Bolsters Capital Base with ₹40 Billion Tier II Bond Issuance

Canara Bank has successfully raised ₹40 billion (approximately $480 million) through the issuance of Tier II bonds. This capital raising initiative aims to strengthen the bank's capital base, support regulatory requirements, and enhance its lending capacity. The move is expected to boost investor confidence and position the bank favorably in India's recovering economy with increasing credit demand.

18Mar 25

Canara Bank Boosts Capital with Rs 4,000 Crore Tier-II Bond Issue

Canara Bank successfully raised Rs 4,000 crore through a tier-II bond issue with a 7.46% coupon rate and 10-year maturity. The bonds received a AAA rating from Crisil, citing expected strong government support and the bank's established market position. The issue saw robust demand, allowing full exercise of the greenshoe option. This capital raise is expected to strengthen the bank's balance sheet and support growth initiatives.

13Mar 25

Canara Bank Unveils Rs 4,000 Crore Capital Raising Plan via Tier II Bonds

Canara Bank plans to raise up to Rs 4,000 crore through Basel III compliant Tier II Bonds with a 10-year tenor and 5-year call option. This is part of a larger Rs 8,500 crore capital raising plan for FY 2024-25. The bank's recent financial metrics show strong growth, with total assets up 10.84% YoY to Rs 1,491,540.0 crore. This move aims to improve capital adequacy, support growth, and maintain investor confidence.

11Mar 25

Canara Bank Slashes MCLR on Select Tenures, Enhancing Borrower Appeal

Canara Bank has reduced its Marginal Cost of Funds Based Lending Rate (MCLR) for select tenures, effective March 12, 2025. The overnight MCLR is down by 0.05% to 8.30%, two-year MCLR by 0.10% to 9.25%, and three-year MCLR by 0.15% to 9.30%. This reduction is expected to benefit both existing and new borrowers, particularly for longer-term loans. The bank also successfully redeemed ₹3,000 crore worth of Basel III compliant Tier 2 Bonds and paid ₹215.40 crore in interest on March 11, 2025.