Public sector lender Canara Bank sharply narrowed its losses during the fourth quarter of the last financial year ended March (Q4FY19) as asset
quality showed signs of a turnaround, it said on Friday. A clawback in deferred tax expenses also complemented its bottom line.
For the quarter ended March, the Bengaluru-headquartered bank reported a net loss of Rs 551.53 crore as compared to a loss of Rs 4,859.77 crore
during the same period a year ago. However, the bank reported a profit of Rs 317.52 crore in the December quarter. During Q4, the lender clawed back close to Rs 2,000 crore of tax expenses.