The board of Canara Bank will meet on February 26 to consider a split of its equity share.
This will be subject to the prior approval from the Reserve Bank of India, and other regulatory approvals.
Canara Bank will be carrying out its first ever stock split in case the proposal is approved.
The lender has not issued a bonus share either in its history. The last major corporate action it has carried out is a rights issue in February 2017.
Canara Bank had last year declared a dividend of ₹12, which was the highest payout by the lender in a decade.
For the December quarter, a one-off income aided the lender's Net Interest Income or core income. Deposits grew at 8.5% year-on-year for the quarter, while advances were up by 11.7%.
The lender's cost-to-income ratio was the highest in the last 13 quarters.
Shares of Canara Bank are trading 4% higher at ₹538.4. The stock is trading at a 52-week high and has gained over 82% over the last 12 months.
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