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Canara Bank back in black in FY19 with Rs 347-crore net profit

During Q4, the lender clawed back close to Rs 2,000 crore of tax expenses.

Debasis Mohapatra 

A rickshaw puller passes the Canara Bank branch in the old quarters of Delhi. Photo: Reuters

Public sector lender 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.

First Published: Fri, May 10 2019. 22:30 IST
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