Canara Bank Sells Entire Stake In Russian Joint Venture To Sbi

Top Stories

Company

L&T Partners with PS Technology to Revolutionise Railways

6 mins read. August 2, 2024 at 12:45 PM

Company

Jindal Saw Q1 FY24 PAT Rises 67% to Rs 441 Cr

4 mins read. August 2, 2024 at 12:41 PM

Company

Pfizer Q1 FY25 PAT Zooms 61% to Rs 151 Cr

4 mins read. August 2, 2024 at 12:36 PM

Stock chart

Canara Bank sells entire stake in Russian joint venture to SBI

ri-calendar-2-lineJan 23, 2023

By: BlinkX Research Team

FbkFbkTwitterTelegram

Canara Bank said in the regulatory filing on Friday that it has entered into a share sale agreement with State Bank of India (SBI) for the sale of equity shares held by it in the Commercial Indo Bank LLC (CIBL), Moscow for a consideration of $14.67 million. 

 

The state owned lender had transferred the entire shares held in CIBL to State Bank of India on November 30, 2022, with the consent of Central Bank of Russia. 
Canara Bank informed the stock exchanges on Friday, “CIBL is a joint venture between SBI and Canara Bank, in a ratio of 60:40, and was incorporated in Russia in 2003.”

 

The state-owned lender said that even though the transfer of all the shares held by it in CIBL to SBI is completed, the consideration in US dollar as agreed by the parties has not yet been received, and the transaction is expected to complete by the end of the current financial year, that is, on or before March 31, 2023, the bank added.

 

Meanwhile, the bank reported 92% increase in profit at Rs 2,882 crore for the quarter ended December 2022, led by a rise in interest income and decline in bad loans. Its net profit stood at Rs 1,502 crore in the same quarter of the preceding financial year.

 

Interest income rose to Rs 22,231 crore as against Rs 17,701 crore in the same quarter a year ago. Net NPAs too eased to 1.96 per cent as compared to 2.86 per cent in the same period a year ago. The capital adequacy ratio rose to 16.72 per cent in December quarter as against 14.80 per cent.

Related News

News Thumbnail
Company

L&T Partners with PS Technology to Revolutionise Railways

6 mins read. August 2, 2024 at 12:45 PM

News Thumbnail
Company

Jindal Saw Q1 FY24 PAT Rises 67% to Rs 441 Cr

4 mins read. August 2, 2024 at 12:41 PM

News Thumbnail
Company

Pfizer Q1 FY25 PAT Zooms 61% to Rs 151 Cr

4 mins read. August 2, 2024 at 12:36 PM

News Thumbnail
Company

NBCC Arm Gets Two Construction Projects Worth Rs 443.61 Cr

4 mins read. August 2, 2024 at 12:33 PM

Related Blogs

Stock chartDemat Account

Biggest Winners and Losers in MSCI: Key Movers in Global Indices 2025

0 people read

3 mins read . Aug 20, 2025

Stock chartMutual Fund

What MF Big Boys Bought and Sold – Top Mutual Fund Stock Activity in 2025

0 people read

8 mins read . Aug 18, 2025

Download app

Access BlinkX
everywhere
across device

Join the Future of Trading

with BlinkX

#ItsATraderThing

Open Trading Account
Verify your phone
+91
*By signing up you agree to our terms & conditions