Canara Bank shares rise for second day on IPO plan of mutual fund arm

Canara Robeco, earlier known as Canbank Mutual Fund, is India’s second oldest asset manager since 1993. Rotterdam, the Netherlands-based Robeco Group in 2007 acquired a 49% stake in Canbank Mutual Fund to form a joint venture and it was renamed as Canara Robeco Mutual Fund.

The mutual fund arm of Canara Bank is currently managing 21 Mutual Fund Schemes with a mix of equity, balanced and debt schemes.

Canara Robeco registered a net profit of ₹78.85 crore and provided interim dividend of 25% and also declared final dividend of 25% for FY 2022-23.

Canara Bank stated that it would finalise the modalities of listing in due course. It would make announcements of material developments with regard to the IPO as and when required.

Canara Bank reported a net profit of ₹3,606 crore for the July-September quarter of 2023-24, a growth of 42.8% compared to ₹2,525.5 crore a year ago.

The net interest income (NII) was higher by 19.76% at ₹8,903 crore in Q2 of FY24 and the net interest margin rose to 3.02%.

Canara Bank shares were trading 2.02% higher at ₹441.35 apiece on BSE at 10.07am.