2 PSU Banks To Trade Ex-Dividend For Up To Rs 16.10/Sh Dividend From June 17-18

Two leading public sector lenders will start trading ex-dividend starting from June 17 to June 18. These two public sector banks are Canara Bank and Bank of India. Current market price of Bank of India share on BSE is Rs 121.05 per share with intraday gain of 2.76%. Bank of India share will go ex-dividend on June 18, 2024 for Rs 2.80 per share dividend. Meanwhile, Canara Bank share will trade ex-dividend on June 17 for Rs 16.10 per share final dividend. LKP Securities has buy call on Canara Bank share with target price of Rs 135 per share and keep a stop loss at 125 per share. Check more details below:

1. Bank of India Will Trade Ex-Dividend On June 18: As per the regulatory filing of Bank of India dated May 10, 2024, "recommended a dividend of Rs. 2.80 (i.e. 28%) per equity share (Face Value Rs.10/- each fully paid up) for the FY2023-24 subject to approval of shareholders at the ensuing Annual General Meeting of the Bank."
Bank of India also approved capital raising upto Rs.5,000 crores by issue of Basel III compliant Additional Tier 1 and Tier 2 bonds of Rs.2,500 crores each.

Bank of India Share Performance & Return: The 52-week high price of Bank of India share on BSE is Rs 158.00 per share (30/04/2024) and 52-week low price is Rs 69.41 per share (as on 26/06/2023), respectively. The bank has a market capitalisation of Rs 55,110.04 crore. Bank of India shares declined 14% in last 1-month, jumped 63% in last 1-year, and gave attractive return of 158% in last 2-years.

Bank Of India Q4: Bank of India on May 10 declared a surge of 7% in net profit to Rs 1,439 crore for Q4 of the financial year 2023-24. The bank's gross non-performing asset (NPA) ratio came at 4.98% reporting quarter as against 5.35% in a quarter ago period. Meanwhile, net NPA ratio of Bank of India stood at 1.22% as on March 31, as compared to 1.41% as on December 31, 2023.

2. Canara Bank To Go Ex-Dividend On June 17: As per Canara Bank's BSE filing dated May 8, "recommended Dividend of Rs.16.10/- per equity share (i.e., 161%) of face value of Rs.10/- each to the shareholders for the year 2023-24, subject to the approval of Shareholders at the ensuing Annual General Meeting of the Bank." Canara Bank fixed June 17 as the record date for dividend. According to the BSE filing, "the dividend will be paid to the shareholders within 30 days from the date of declaration at the Annual General Meeting (AGM)."

Canara Bank Share Performance: Last trading price of Canara Bank share on BSE is Rs 118.90 per share as on June 7, 2024. The 52-week high price of Canara Bank share on BSE is Rs 129.35 per share (as on 04/06/2024) and 52-week low price is Rs 58.29 per share (as on 26/06/2023), respectively. Canara Bank shares offered 89% return in last 1-year and 184% return in last 2-years. In last 3-years, Canara Bank shares zoomed 270%.

Canara Bank Q4: The public sector lender announced its net profit at Rs 3757 crore for Jan-March quarter of 2023-24, up 18.33% YoY amid steady surge in interest income and fall in provisions. Sequentially, the PSU's profit rallied by 2.76% from Rs 3,656 crore for the quarter ended December (Q3) of FY 2024.

Disclaimer:

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