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.

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