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Canara Bank Interim / Quarterly Report 2022
61440_rns_2021-07-27_fc1be403-0bc5-4de9-a751-a2d4bfeba12d.pdf
Interim / Quarterly Report
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Ref:: SD: 184/185/11/12::2021
The Vice President BSE Ltd. Phiroze Jeejeebhoy Towers Dalal Street MUMBAI - 400 001
The Vice President Listing Department National Stock Exchange of India Ltd EXCHANGE PLAZA Bandra-Kurla Complex, Bandra [E] MUMBAI - 400051
27.07.2021
Dear Sir/Madam,
Sub: Board Meeting- Announcement of Reviewed Financial Results (Standalone & Consolidated) for the First Quarter ended 30.06.2021
Ref: 1. Regulation 33 of SEBI (LODR) Regulations, 2015 2. Prior Intimation (SD:167/168/11/12::2021 dated 19.07.2021)
This is to inform the Stock Exchanges that the Board of Directors of the Bank has approved the Reviewed Financial Results (Standalone & Consolidated) for the First Quarter ended 30.06.2021 at its meeting held today on 27.07.2021 (Tuesday).
A copy of the Reviewed Financial Results (Standalone & Consolidated) is enclosed along with the Limited Review Report of the Auditors.
Deviation/Variation in Utilization of Funds Raised for the Quarter ended 30.06.2021 is NIL and Statement of Deviation/Variation is enclosed herewith.
The meeting of the Board of Directors commenced at /1:ooa.m. and concluded at/2-'50, p.m.
The Financial Results are also available in the Bank's website (www.canarabank.com).
This is for your information and records.
You�/ aM�J'Wl,
For CANARA BANK
��.
Ass1s��AV�tAfTXY Secretaiy COMPANY SECRETARY
�� ,;i-m,r � 112.��m�- 560002 E-Mail - [email protected] Secretarial Department Head Office 112 J C Road, Bengaluru - 560002 www.canarabank.com
F +91 80 22248831 T +91 80 22100250
| _____ ,_ | � | ---�---- | |||
|---|---|---|---|---|---|
| (l;iead Office : Bengaluru • 2) | |||||
| STANDALONE FINANCIAL RESULTS | (REVIEWED) FOR THE QUARTER ENDED 30TH JUNE 2021 | ||||
| SI. | PARTICULARS | QUARTER ENDED | (Rs in Crore)YEAR ENDED | ||
| No. | REVIEWED | AUDITED | REVIEWED | AUDITED | |
| 30.06.2021 | 31.03.2021 | 30.06.2020 | 31.03.2021 | ||
| 1 | INTEREST EARNED (a)+(b)+(c)+(d) | 16771.65 | 16315.52 | 18035.81 | 69239.79 |
| (a) Interest/discount on advances/bills | 12025.80 | 11747.17 | 13117.67 | 50405.00 | |
| (b) Income on Investments | 4150.71 | 4061.17 | 4271.87 | 16859.20 | |
| (c) Interest on balances with Reserve Bank of India & | 560.25 | 472.34 | 622.47 | 1851.53 | |
| Other Inter-Bank Funds | |||||
| 2 | (d) OthersOther Income | 34.89 | 34.84 | 23.80 | 124.06 |
| 3 | 4438.41 | 5207.08 | 2650.10 | 15285.29 | |
| 4 | TOTAL INCOME (1+ 2) | 21210.0610625.04 | 21522.6010726.31 | 20685.9111940.26 | 84525.0845177.62 |
| s | Interest ExpendedOperating Expenses (i)+(ii) | 4834.36 | 5093.74 | 4460.20 | 19338.19 |
| (i) Employees Cost | 3342.38 | 3266.30 | 3037.42 | 12689.96 | |
| (ii) Other Operating Expenses ( All items exceeding 10% | 1491.98 | 1827.44 | 1422.78 | 6648.23 | |
| of the total expenditure excluding interest expendituremay be shown separately) | |||||
| 6 | TOTALEXPENSES ((4+5) excludingProvisions&Contingencies) | 15459.40 | 15820.05 | 16400.46 | 64515.81 |
| 7 | Operating Profit before Provisions and Contingencies(3-6) | 5750.66 | 5702.55 | 4285.45 | 20009.27 |
| 8 | Provisions (Other than Tax) and Contingencies | 3728.52 | 4134.15 | 3826.34 | 16302.05 |
| of which provisions for Non-performing assets | 2334.88 | 4427.53 | 3549.99 | 14167.97 | |
| 9 | Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 |
| 10 | Profit(+ )/ Loss(·) from Ordinary Activities before tax (78-9) | 2022.14 | 1568.40 | 459.11 | 3707.22 |
| 11 | Tax expense | 844.67 | 557.53 | 52.87 | 1149.64 |
| 12 | Net Profit(+ )/ Loss (·) from Ordinary Activities after tax(10-11) | 1177.47 | 1010.87 | 406.24 | 2557.58 |
| 13 | Extraordinary items (net of tax expense) | 0.00 | 0.00 | 0.00 | 0.00 |
| 14 | Net Profit(+ )/ Loss(·) for the period (12-13) | 1177.47 | 1010.87 | 406.24 | 2557.58 |
| 1516 | Paid up Equity Share Capital (Face Value of each shareR .1 /.Reserves excluding Revaluation Reserves | 1646.74 | 1646.74 | 1453.50 | 1646.7448953.95 |
| 17 | Analytical Ratios | ||||
| (i) Percentage of shares held by Government of India | 69.33% | 69.33% | 78.55% | 69.33% | |
| (ii) Capital Adequacy Ratio - Basel Ill | 13.36% | 13.18% | 12.77% | 13.18% | |
| (a) Common Equity Tier I Ratio | 8.85% | 8.61% | 8.15% | 8.61% | |
| (b) Additional Tier 1 Ratio | 1.49% | 1.47% | 1.14% | 1.47% | |
| (iii) Earnings per Share (EPS) | |||||
| a) Basic and diluted EPS before Extraordinary items(net of tax expense) for the period, for the year to dateand for the previous year (Quarter numbers are notanualised) | 7.15 | 6.14 | 2.79 | 16.91 | |
| b) Basic and diluted EPS after Extraordinary items (netof tax expense) for the period, for the year to date and(Quarter numbersfor the previous yearnotareanualised) | 7 .15 | 6.14 | 2.79 | 16.91 | |
| (iv) NPA Ratios | |||||
| 60287.84 | 57525.52 | 60287.84 | |||
| 24355.23 | 24442.07 | ||||
| 8.84% | 8.93% | ||||
| 3.95% | |||||
| 0.16% |
| ,_____ | <)->«>·r-r."J «t· | Canara ----Bank-� | |||
|---|---|---|---|---|---|
| (Head Office : Bengaluru • 2) | STANDALONE SEGMENT REPORTING FOR THE QUARTER ENDED 30TH JUNE 2021 | ||||
| BUSINESS SEGMENTS | QUARTER ENDED | YEAR ENDED | |||
| (REVIEWED) | (AUDITED) | (REVIEWED) | (AUDITED) | ||
| Segment Revenue | 30.06.2021 | 31.03.2021 | 30.06.2020 | 31.03.2021 | |
| (1)a | Treasury Operations | 6205.52 | 5120.83 | 5622.98 | 22312.94 |
| b | Retail Banking Operations | 8161.02 | 8686.92 | 7851.21 | 32739.09 |
| C | Wholesale Banking Operations | 6843.52 | 7714.85 | 7211.72 | 29473.05 |
| d | Life Insurance Operation | 0.00 | 0.00 | 0.00 | 0.00 |
| e | Other Banking Operation | 0.00 | 0.00 | 0.00 | 0.00 |
| Unallocated | 0.00 | 0.00 | 0.00 | 0.00 | |
| Total | 21210.06 | 21522.60 | 20685.91 | 84525.08 | |
| Less: Inter Segment Revenue | 0.00 | 0.00 | 0.00 | 0.00 | |
| Income from operations | 21210.06 | 21522.60 | 20685.91 | 84525.08 | |
| (2) Segment Results | |||||
| a | Treasury Operations | 2593.37 | 1445.72 | 2402.68 | 6482.45 |
| b | Retail Banking Operations | 980.39 | 1488.01 | 297.33 | 3705.52 |
| Cd | Wholesale Banking OperationsLife Insurance Operation | (1551.62)0.00 | (1365.33)0.00 | (2240.90)0.00 | (6480.75)0.00 |
| e | Other Banking Operations | 0.00 | 0.00 | 0.00 | 0.00 |
| Total | 2022.14 | 1568.40 | 459.11 | 3707.22 | |
| UnallocatedIncome/Expenses(includingProvisionsandcontingencies) | 0.00 | ||||
| Total Profit Before tax | 2022.14 | 1568.40 | 459.11 | 3707.22 | |
| Income tax | 844.67 | 557.53 | 52.87 | 1149.64 | |
| Net Profit/(Loss) | 1177.47 | 1010.87 | 406.24 | 2557.58 | |
| (3) | Segment Assets | ||||
| a | Treasury Operations | 362592.80 | 351206.92 | 292594.17 | 351206.92 |
| b | Retail Banking Operations | 358089.89 | 358607.51 | 315572.68 | 358607.51 |
| C | Wholesale Banking Operations | 389918.85 | 384152.60 | 380322.39 | 384152.60 |
| d | Lffe Insurance Operation | 0.00 | 0.00 | 0.00 | 0.00 |
| e | Other Banking Operations | 0.00 | 0.00 | 0.00 | 0.00 |
| Unallocated | 47622.56 | 59708.00 | 57683.25 | 59708.00 | |
| (4) | Total AssetsSegment Liabilities | 1158224.10 | 1153675.03 | 1046172.49 | 1153675.03 |
| a | Treasury Operations | 345717.57 | 342345.57 | 280135.19 | 342345.57 |
| b | Retail Banking Operations | 347388.17 | 345570.39 | 310232.53 | 345570.39 |
| C | Wholesale Banking Operations | 380434.97 | 372942.16 | 375388.70 | 372942.16 |
| d | Life Insurance Operation | 0.00 | 0.00 | 0.00 | 0.00 |
| e | Other Banking Operations | 0.00 | 0.00 | 0.00 | 0.00 |
| Unallocated | 24666.50 | 33931.98 | 27690.51 | 33931.98 | |
| Total Liabilities | 1098207.21 | 1094790.10 | 993446.93 | 1094790.10 | |
| (5) | Capital Employed | ||||
| a | Treasury Operations | 16875.23 | 8861.35 | 12458.97 | 8861,35 |
| b | Retail Banking Operations | 10701.73 | 13037.13 | 5340.14 | 13037.13 |
| C | Wholesale Banking Operations | 9483.88 | 11210.43 | 4933.69 | 11210.43 |
| d | Life Insurance Operation | 0.00 | 0.00 | 0.00 | 0.00 |
| e | Other Banking Operations | 0.00 | 0.00 | 0.00 | 0.00 |
| Unallocated | 22956.05 | 25776.02 | 29992.76 | 25776.02 | |
| Total Capital Employed | 60016.89 | 58884.93 | 52725.56 | 58884.93 | |
| GEOGRAPHICAL SEGMENTS | QUARTER ENDED | YEAR ENDED | |||
| (REVIEWED) | (AUDITED) | (REVIEWED) | (AUDITED) | ||
| 30.06.2021 | 31.03.2021 | 30.06.2020 | 31.03.2021 | ||
| (1) Revenue | |||||
| a | Domestic | 20963.06 | 20945,97 | 20432.07 | 83232.64 |
| b | International | 247,00 | 576.63 | 253.84 | 1292.44 |
| Total | 21210,06 | 21522.60 | 20685.91 | 84525,08 | |
| (2) Assets | |||||
| a | Domestic | 1069718.40 | 1067393.99 | 967306.12 | 1067393.99 |
| b | International | 88505.70 | 86281.04 | 78866.37 | 86281.04 |
| Total | 1158224.10 | 1153675,03 | 1046172.49 | 1153675.03 |
Notes on Segment Re(lorting:
As per RBI guidelines and in compliance with the applicable Accounting Standards, the Bank has classified "Treasury Operations", "Retail Banking Operations", "Wholesale Banking Operations", "Life Insurance Operations" and "Other Banking Operations" as primary business segments and "Domestic" and "International" as secondary/geographic segments for the purpose of compliance with AS-17 on Segment Reporting issued by ICAI.
,,. .... ' - ' '• ' ·ofi'!'J �·u;j Canara Bank�- .. ____ � ·---.........
(Head Office : Bengaluru • 2)
CONSOLIDATED FINANCIAL RES UL TS (REVIEWED) FOR THE QUARTER ENDED 30TH JUNE 2021
| SI. PARTICULARS | QUARTER ENDED | (Rs in Crore)YEAR ENDED | |||
|---|---|---|---|---|---|
| No. | REVIEWED | AUDITED | UNREVIEWED # | AUDITED | |
| 30.06.2021 | 31.03.2021 | 30.06.2020 | 31.03.2021 | ||
| 1 | INTEREST EARNED (a)+(b)+(c)+(d) | 17055.36 | 16576.26 | 18250.56 | 70212.60 |
| (a) Interest/discount on advances/bills | 12030,09 | 11751,51 | 13121,89 | 50422.41 | |
| (b) Income on Investments | 4430.21 | 4319,55 | 4483,34 | 17821,09 | |
| (c) Interest on balances withReserve Bank of India &Other Inter-Bank Funds | 562,77 | 475,79 | 624,51 | 1861,33 | |
| (d) Others | 32.29 | 29.41 | 20.82 | 107.77 | |
| 2 | Other Income | 6233.38 | 7197.89 | 4463.36 | 23447.15 |
| 3 | TOTAL INCOME (1+2) | 23288.74 | 23774.15 | 22713.92 | 93659.75 |
| 4 | Interest Expended | 10626.79 | 10724.63 | 11942.17 | 45182.50 |
| s | Operating Expenses (i)+(ii) | 6981.95 | 7272.74 | 6458.23 | 28284.90 |
| (i) Employees Cost | 3454.58 | 3373,73 | 3128.85 | 13099.48 | |
| (ii) Other Operating Expenses (All items exceeding 10%of the total expenditure excluding interest expendituremay be shown separately) | 3527.37 | 3899.01 | 3329.38 | 15185.42 | |
| 6 | TOTALEXPENSES((4+5)excludingProvisions&Contingencies | 17608.74 | 17997.37 | 18400.40 | 73467.40 |
| 7 | Operating Profit before Provisions and Contingencies (3-6) | 5680.00 | 5776.78 | 4313.52 | 20192.35 |
| a | Provisions (Other than Tax) and Contingencies | 3733.44 | 4135.51 | 3826.61 | 16310.80 |
| of which provisions for Non-performing assets | 2339.87 | 4428.90 | 3549.99 | 14174.20 | |
| 9 | Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 |
| 10 | Profit (+) / Loss (-) from Ordinary Activities before tax (7-8-9) | 1946.56 | 1641.27 | 486.91 | 3881.55 |
| 11 | Tax expense | 851.77 | 576.18 | 55.10 | 1179.57 |
| 12 | Net Profit (+) / Loss (·) from Ordinary Activities after tax(10-11) | 1094.79 | 1065.09 | 431.81 | 2701.98 |
| 13 | Extraordinary items (net of tax expense) | 0.00 | 0.00 | 0.00 | 0.00 |
| 14 | Net Profit (+) / Loss (-) for the period (12-13) | 1094.79 | 1065.09 | 431.81 | 2701.98 |
| 15 | Add: Share of Earnings in Associates | 95.90 | 158.44 | 55.53 | 254.58 |
| 1s | Less: Minority Interest | (43.84) | 27.75 | 8.66 | 65.96 |
| 17 | Net Profit (+) I Loss(-) after Minority Interest (14+15-16) | 1234.53 | 1195.78 | 478.68 | 2890.60 |
| 18 | Paid up Equity Share Capital (Face Value of each shareRs.10/-) | 1646.74 | 1646.74 | 1453.50 | 1646.74 |
| 19 | Reserves excluding Revaluation Reserves• | P; <-� | • | •� ., �.,_. ,,."'1,-.-�: ···�·"""'��' .·-J | 52478.61 |
| 20 | Analytical Ratios | ||||
| (i) Percentage of shares held by Government of India | 69.33% | 69.33% | 78.55% | 69.33% | |
| (ii) Capital Adequacy Ratio - Basel Ill | 13.46% | 13.27% | 12.85% | 13.27% | |
| (a) Common Equity Tier I Ratio | 8.97% | 8.71% | 8.24% | 8.71% | |
| (b) Additional Tier 1 Ratio | 1.48% | 1.47% | 1.14% | 1.47% | |
| (iii) Earnings per Share (EPS) | |||||
| a) Basic and diluted EPS before Extraordinary items (netof tax expense) for the period, for the year to date and forthe previous year (Quarter numbers are not anualised) | 7.50 | 7.26 | 3.29 | 19.11 | |
| b) Basic and diluted EPS after Extraordinary items (net oftax expense) for the period, for the year to date and forthe previous year (Quarter numbers are not anualised) | 7.50 | 7.26 | 3.29 | 19.11 | |
| (iv) NPA Ratios | |||||
| (a) Amount of Gross Non Performing Assets | 58340.85 | 60397.80 | 57737.99 | 60397.80 | |
| (b) Amount of Net Non Performing Assets | 22457.50 | 24455.07 | 24395.08 | 24455.07 | |
| {c) Percentage of Gross Non Performing Assets | 8.52% | 8.94% | 8.87% | 8.94% | |
| (d) Percentage of Net Non Performing Assets | 3.46% | 3.82% | 3.95% | 3.82% | |
| tv) Return on Assets (Ann.Y.aJised) | 0.42% | 0.18% | 0.26% |
#in.view of the relaxation ����I vide its circ FD/CMD1/CIR/P/2O2O/79 dated 12.05.2020, the Bank has opted«> publ_ish only sta!idalpi'ie financ�I rjls1,11ts for the a, _ 11 ;p,-�T,!N,.j11al!�O2O. Hence consolidated financials for the quarter ended .0j.20i!CJ i� unreviewed. �
---- c.)-><>l�I ;i·c.1, Canara Bank <A ... ----·-
�
(Head Office : BenQaluru • 21 CONSOLIDATED SEGMENT REPORTING FOR THE QUARTER ENDED 30TH JUNE 2021
| QUARTER ENDED | |||||
|---|---|---|---|---|---|
| BUSINESS SEGMENTS | (REVIEWED) | (AUDITED) | (UNREVIEWED)# | ||
| 30.06.2021 | 31.03.2021 | 30.06.2020 | |||
| (1) Segment Revenue | |||||
| a | Treasury Operations | 6205.52 | 5120.82 | 5622.98 | 22312.94 |
| b | Retail Banking Operations | 8140.82 | 8677.34 | 7865.00 | 32675.87 |
| c | Wholesale Banking Operations | 6826.59 | 7706.45 | 7224.39 | 29416.13 |
| d | Life Insurance Operation | 2115.81 | 2269.54 | 2001.55 | 9254.81 |
| e | Other Banking Operation | 0.00 | 0.00 | 0.00 | 0.00 |
| Unallocated | 0.00 | 0.00 | 0.00 | 0.00 | |
| Total | 23288.74 | 23774.15 | 22713.92 | 93659.75 | |
| Less: Inter Segment Revenue | 0.00 | 0.00 | 0.00 | 0.00 | |
| Income from operations | 23288.74 | 23774.15 | 22713.92 | 93659.75 | |
| (2) Segment Results | |||||
| a | Treasury Operations | 2593.37 | 1445.72 | 2402.68 | 6482.45 |
| b | Retail Banking Operations | 993.12 | 1499.68 | 306.26 | 3743.52 |
| c | Wholesale Banking Operations | (1540.94) | (1354.94) | (2232.70) | (6446.53) |
| d | Life Insurance Operation | (98.99) | 50.81 | 10.67 | 102.11 |
| e | Other Banking Operations | 0.00 | 0.00 | 0.00 | 0.00 |
| Total | 1946.56 | 1641.27 | 486.91 | 3881.55 | |
| Unallocated Income/Expenses (includingProvisions and contingencies) | |||||
| Total Profit Before tax | 1946.56 | 1641.27 | 486.91 | 3881.55 | |
| Income tax | 851.77 | 576.18 | 55.10 | 1,179.57 | |
| Net Profitl(Loss) | 1094.79 | 1065.09 | 431.81 | 2701.98 | |
| ADD: Share of Earnings in Associates | 95.90 | 158.44 | 55.53 | 254.58 | |
| Less: Minority Interest | (43.84) | 27.75 | 8.66 | 65.96 | |
| Consolidated Profit (+)/ Loss(•) afterMinorit Interest | 1234.53 | 1195.78 | 478.68 | 2890.60 | |
| (3) Segment Assets | |||||
| a | Treasury Operations | 362592.80 | 351206.92 | 292594.17 | 351206.92 |
| b | Retail Banking Operations | 358089.89 | 358607.52 | 315572.68 | 358607.52 |
| c | Wholesale Banking Operations | 389918.85 | 384152.60 | 380322.39 | 384152.60 |
| d | Life Insurance Operation | 23761.95 | 22584.45 | 17472.03 | 22584.45 |
| e | Other Banking Operations | 0.00 | 0.00 | 0.00 | 0.00 |
| Unallocated | 51039.26 | 62988.11 | 60730.44 | 62988.11 | |
| Total Assets | 1185402.75 | 1179539.60 | 1066691.71 | 1179539.60 | |
| (4) Segment Liabilities | |||||
| a | Treasury Operations | 345717.57 | 342345.57 | 280135.19 | 342345.57 |
| b | Retail Banking Operations | 347388.17 | 345570.39 | 310232.53 | 345570.39 |
| c | Wholesale Banking Operations | 380434.97 | 372942.16 | 375388.70 | 372942.16 |
| d | Life Insurance Operation | 23159.57 | 21931.59 | 16868.57 | 21931.59 |
| e | Other Banking Operations | 0.00 | 0.00 | 0.00 | 0.00 |
| Unallocated | 25126.49 | 34340.30 | 28032.78 | 34340.30 | |
| Total Liabilities | 1121826.77 | 1117130.01 | 1010657.77 | 1117130.01 | |
| (5) Capital Employed | |||||
| a | Treasury Operations | 16875.23 | 8861.35 | 12458.97 | 8861.35 |
| b | Retail Banking Operations | 10701.73 | 13037.13 | 5340.14 | 13037.13 |
| c | Wholesale Banking Operations | 9483.88 | 11210.43 | 4933.69 | 11210.43 |
| d | Life Insurance Operation | 602.38 | 652.86 | 603.46 | 652.86 |
| e | Other Banking Operations | 0.00 | 0.00 | 0.00 | 0.00 |
| Unallocated | 25912.76 | 28647.82 | 32697.68 | 28647.82 | |
| Total Capital Employed | 63575.98 | 62409.59 | 56033.94 | 62409.59 | |
| GEOGRAPHICAL SEGMENTS | QUARTER ENDED | YEAR ENDED | |||
| (REVIEWED)30.06.2021 | (AUDITED)31.03.2021 | (UNREVIEWED)30.06.2020 | (AUDITED)31.03.2021 | ||
| (1) | Revenue | ||||
| a | Domestic | 23030.92 | 23186.15 | 22450.87 | 92325.48 |
| b | International | 257.82 | 588.00 | 263.05 | 1334.27 |
| Talat | 23288.74 | 23774.15 | 22713.92 | 93659.75 | |
| (2) Assets | |||||
| a | Domestic | 1096461.13 | 1092833.79 | 987504.30 | 1092833.79 |
| b | International | 88941.62 | 86705.81 | 79187.41 | 86705.81 |
| Total | 1185402.75 | 1179539.60 | 1066691.71 | 1179539.60 |
in view of the relaxation permitted by SEBI vide its circular No. SEBI/HO/CFDICMD1/CIR/P/2020/79 dated 12.05.2020, the Bank has opted to publish only standalone financial results for the quarter ended 30.06.2020. Hence consolidated financials for the quarter ended 30.06.2020 is unreviewed.
Notes on Segment Reporting:
As per RBI guidelines and in compliance with the applicable Accounting Standards, the Bank has classified 'Treasury Operations", "Retail Banking Operations", "Wholesale Banking Operations","Ufe Insurance Operations" and "Other Banking Operations" as primary business segments and "Domestic" and "International" as secondary/geographic segments for the purpose or compliance with AS-17 on Segment Reporting issued by ICAI.
| ----·-----<1->ol�I �-d->Canara Bank�� | |||||||
|---|---|---|---|---|---|---|---|
| (Head Office : Bengaluru • 2) | |||||||
| STATEMENT OF ASSETS AND LIABILITIES | (Rs in Cr | ||||||
| PARTICULARS | Standalone | Consolidated | |||||
| As on30.06.2021 | As on30.06.2020 | As on31.03.2021 | As on30.06.2021 | As on30.06.2020 | As on31.03.2021 | ||
| REVIEWED | REVIEWED | AUDITED | REVIEWED | UNREVIEWED # | AUDITED | ||
| CAPITAL AND LIABILITIESCAPITALRESERVES AND SURPLUSMINORITY INTERESTDEPOSITS | 1646.7458370.151021836.92 | 1453.5051272.06 | 1646.7457238.19909569.56 1010874.58 | 1646.7461929.24747.091022014.89 | 1453.5054580.43736.08 | 1646.7460762.85793.38909638.17 1010985.02 | |
| BORROWINGSOTHER LIABILITIES AND PROVISIONS | 51703.8424666.45 | 56244.8127632.56 | 49983.5633931.96 | 51703.8447360.95 | 56275.0144008.52 | 50012.8055338.81 | |
| TOTAL | 1158224.10 | 1046172.49 1153675.03 | 1185402.75 | 1066691.71 1179539.60 | |||
| ASSETSCASH & BALANCES WITH RESERVE BANK OF INDIABALANCES WITH BANKS AND MONEY AT CALL ANDSHORT NOTICEINVESTMENTSADVANCESFIXED ASSETSOTHER ASSETSTOTAL | 42719.54131018.34273066.82648516.1911142.5851760.631158224.10 | 36731.6275370.64250907.94617168.1510776.5155217.63 | 43111.62135296.41261690.39639048.9911206.5363321.091046172.49 1153675.03 | 42723.90131438.44298836.69648767.2011218.225 18 301185402.75 | 36734.7675692.61270320.89617379.9310821.78557 | 43115.94135750.44286191.25639286.5411271.1791066691.71 1179539.60 |
in view of the relaxation permitted by SEBI vide its circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated 12.05.2020, the Bank has opted to publish only standalone financial results for the quarter ended 30.06.2020. Hence consolidated financials tor the quarter ended 30.06.2020 is unreviewed.
Notes forming part of Standalone and Consolidated (Reviewed) Financial Statements for the Quarter ended 30.06.2021.
- The above financial results have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at their respective meetings held on 27.07.2021. The results have been subjected to limited review by the Statutory Central Auditors of the Bank in line with the guidelines issued by the Reserve Bank of India and as per the requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.
- 2 The above financial results have been arrived at after considering provision for loan losses, restructured assets, standard assets,stressed sector accounts, income tax and deffered tax,depreciation on investments and fixed assets, provision for employees' benefits, other necessary provisions and contingencies as per RBl's specific directions.judicial pronouncements and applicable accounting standards.The Bank has applied its significant accounting policies in the preparation of these financial results that are consistent with those followed in the annual financial statements for the year ended 31.03.2021.
- 3 The above financial results have been drawn from the financial statements prepared in accordance with AS -25 Interim Financial Reporting.
- 4 The Consolidated Financial Statements are prepared in accordance with Accounting Standard 21 on "Accounting for Consolidated Financial Statements", Accounting Standard 23 on "Accounting for Investment in Associates" and Accounting Standard 27 on "Financial Reporting of Interest in Joint Ventures" issued by the Institute of Chartered Accountants of India and guidelines issued by the RBI.
- 5 In accordance with SEBI regulations, for the purpose of consolidated financial results for the quarter ended 30.06.2021, minimum eighty percent of each of consolidated revenue, assets and profits have been subject to review.
6 The Consolidated Financial Statements (CFS) of the Group companies comprises the results of the following 9 Subsidiaries, 5 Associates including 4 Regional Rural Bank (RRBs) and 1 Joint Venture:
| Sr No. | Name of Company | Type of Incorporation | Country of Incorporation | Percentage |
|---|---|---|---|---|
| of | ||||
| Ownership | ||||
| lnte est | ||||
| Canbank Venture Ca ital Fund Ltd | India | 100% | ||
| 2 | Canbank Financial Services Ltd | India | 100% | |
| 3 | Canara Bank Securities Ltd | India | 100% | |
| 4 | Canbank Factors Ltd | India | 70% | |
| 5 | Canbank Com uter Services Ltd | India | 69.14% | |
| 6 | Canara Robeco Asset Mana ement Com an Ltd | India | 51% | |
| 7 | Canara HSBC Oriental Bank of Commerce Life | India | 51% | |
| 8 | S ndBank Services Ltd | India | 100% | |
| 9 | Canara Bank Tanzania Ltd | Tanzania | 100% | |
| 10 | Cantin Homes Ltd | India | 30% | |
| 11 | Kamataka Gramin Bank | Associate | India | 35% |
| 12 | Kerala Gramin Bank | Associate | India | 35% |
| 13 | Andhra Pra ati Grameena Bank | Associate | India | 35% |
| 14 | Karnataka Vikas Grameena Bank | Associate | India | 35% |
| 15 | Commercial lndo Bank LLC | Joint Venture | Moscow Russia | 40% |
Higher Education Financing Agency (HEFA) is a joint venture of MHRD, Government of India (90.91%) and Canara Bank (9.09%) for financing towards creation of capital assets in premier educational institutions in India. HEFA is registered under Section 8 (Not-for-profit) under the Companies Act 2013 as a Union Govt company and as Non-<leposit taking NBFC with RBI.
Considering severe long-term restrictions that significantly impair its ability to transfer funds to the venturer, the financials of HEFA is not considered in the CFS of the Bank.
Q.>o,� il° Canara Bank� ... __ .. __
� (Head Office : Bengaluru - 2)
7 In accordance with RBI circular no. DBR.No.BP. BC.18/21.04.048/2018-19 dated 01.01.2019, DOR.No.BP.BC.34/21.4.048/ 2019-20 dated 11.02.2020 and RBl/2020-21/17 DOR.No. BP.BC/4/ 21.04.048/ 2020-21 dated 06.08.2020, on "Relief for MSME borrowers either exempted or registered under Goods and Service Tax (GST)", the details of MSME restructured accounts from 01.01.2019 to 30.06.2021 are as under:
| No.of Accounts Restructured | Amount as on 30.06.2021 (Rs in crore) | ||
|---|---|---|---|
| 136092 | 4355.47 |
- 8 As per RBI Letters No DBR.No.BP.15199/21.04.048/2016-17 and DBR.No.BP.BC. 1941/21.04.048/2017-18 dated June 23,2017 and August 28, 2017 respectively, for the accounts covered under the provisions of Insolvency and Bankruptcy Code (IBC), the Bank is holding total provision of Rs.8574.84 crore (99.47% of total outstanding) as on 30.06.2021.
- 9 In terms of Hon'ble Supreme Court of India order and necessary guidelines issued by Reserve Bank of India (RBI), the Bank has kept Mis Delhi Airport Metro Express Pvt. Ltd. as Standard. However, necessary provision as per IRAC norms has been made which are detailed as under.
| Rs. in Crore | |||||
|---|---|---|---|---|---|
| Particulars | Amount not treated asNPA as per IRAC Norms | Provisions required to be made as perIRAC Norms | Provision Actually Held | ||
| Principal | 58.54 | 14.64 | 14.64 | ||
| Interest | 17.64 | 17.64 | 17.64 |
- 10 Based on the available financial statements and the declaration from borrowers, the Bank has estimated the liability towards Un hedged Foreign Currency Exposure to their constituents in terms of RBI Circular DBOD.No.BP.BC.85/21.06.200/2013-14 dated 15.01.2014 and holds a provision of Rs 49.32 Crore as on 30.06.2021.
- 11 During the quarter ended 30.06.2021,Bank has sold 1,20,000 units under Priority Sector Lending Certificates (PSLCs) and earned commission income of Rs 698.73 crore .
- 12 As per RBI notification RBl/2021-22/28 DOR.STR.REC.10/21.04.048/2021-22 dated May 5, 2021, Banks are advised that they are permitted to utilize 100 percent of floating provision/countercyclical provisioning buffer held by them as on December 31, 2020 for making specific provisions for non performing assets with the prior approval of their respective Boards. The Bank has obtained requisite prior approval from its Board of Directors and has utilized floating provision amounting to Rs 102.21 Crore agaist the requirement for specific provision for non performing assets during the quarter ended 30.06.2021.
- 13 Pursuant to RBI Circular DBR. No. BP.BC.1/21.06.201/2015-16 dated 01.07.2015 on 'Basel Ill Capital Adequacy' read together with the RBI Circular DBR. No. BP.BC.80/21.06.201/2014-15 dated 31.03.2015 on 'Prudential Guidelines on Capital Adequacy and Liquidity Standard Amendments', the Banks are required to make Pillar 3 disclosures including leverage ratio and liquidity coverage ratio under the Basel Ill framework. These disclosures will be made available on the Bank's website "www.canarabank.com". These disclosures have not been subjected to review by the auditors.
- 14 Provision Coverage Ratio as on 30.06.2021 is 81.18%.
15 As per the RBI Circular DBR. No. BP. BC. 45/21.04.048/2018-19 dated 07.06.2019 on prudential framework for Resolution of Stressed Assets, Bank holds an additional provision of Rs 2208.11 crores in 19 accounts as detailed below.
| Amount of loans impacted by RBI | Amount of loans to be | Amount of | Provision held | Additional | Provision held |
|---|---|---|---|---|---|
| Circular | classified as NPA | loans as on | as on | provision/ | as on |
| 30.06.2021 out | 31.03.2021 | (Reversal) | 30.06.2021 | ||
| of (b) classified | made during | ||||
| as NPA | quarter ended | ||||
| (a) | (b) | (c) | 30.06.2021 | (f) | |
| 9987.08 | 7756.79 | 7756.79 | 2208.11 |
| � a., ••<l.>o1�1., __ ,.,_,.</l.> | � : | Canara___ , ___� | - •Bank� | |||
|---|---|---|---|---|---|---|
| 16 The Government of India has pronounced Section 115BAA of the Income Tax Act, 1961 through Taxation Laws (Amendment) Ordinance,2019. Bank has evaluated the options available under Section 115BAA of Income Tax Act and opted to continue to recognise the taxes onIncome for the quarter ended 30.06.2021 as per the regular provisions of Income Tax Act, 1961. | ||||||
| 17 The current tax expenses and deferred tax expenses are determined in accordance with the provisions of the Income Tax Act, 1961 andas per the Accounting Standard 22-"Accounting for Taxes on Income" respectively after taking into account taxes paid at the foreignoffices, which are based on the tax laws of respective jurisdictions. | ||||||
| 18 COVID - 19 Pandemic continues to spread across several countries including India resulting in a significant volatility in Global as well asIndian financial markets and a significant decline in global and local economic activities. The Govt. of India has announced a series of lockdown measures from March 2020 onwards. Such lockdowns have been lifted for activities in a phased manner by various governments atvarious points of time depending on the situation prevailing in their respective jurisdictions. The current second wave of Covid 19pandemic, wherever the number of new cases has increased significantly in India, has resulted in reimposition of localised/regionallockdown measures in various parts of the country.The situation continues to be uncertain and the Bank is evaluating the situation on an ongoing basis. The major identified challenges for | ||||||
| the Bank would arise from eroding cash flows and extended capital cycles. Despite the challenges, the management believes that noadjustments are required in the financial results as it does not significantly impact the current quarter. Despite these events and conditions,there would not be any significant impact on Bank's results in future and going concern assumptions as at presently made. | ||||||
| 19 | Details of resolution plan implemented under Resolution Framework for Covid 19 related stress as per RBI Circular dated 06.08.2020 aregiven below. | (Rs in crore except number of accounts) | ||||
| Type of Borrower | (A)Number (B)of accounts towhereresolutionplanbeenimplementedunderthiswindow | Exposure (C)mentioned(A)before thatn of the plan | ofaccounts aggregateat amount of debt sanctioned,has implementatio converted in to betweenother securities invocation | (B), (D)fundingwas any,theplanandimplementation | Additional (E) Increase inprovisionsonif account of theincluding implementationoftheof resolution | |
| 4963 | 594.42 | 0 | 0 | 59.44 | ||
| P rson • | 25 | 4 0 .46 | 39 97 | 416.21 | 43 35 | |
| 30.91 | 0 | 6 18 | ||||
| 9505 | 157.38 | 0 | 11.45 | 15.7 | ||
| 14494 | 5086.17 | 39.97 | 427.66 | 511.71 | ||
| • As defined in Section 3 7 of the lnsolvenc and Bankru tc Code 2016. | ||||||
| 20 | In accordance with RBI Circular No.DOR.No.BP.bC.62/21.04.048/2019-20 dated 17.04.2020 with respect to the number of accounts andthe amount involved in those accounts where resolution eriod was extended is iven below for the uarter ended 30.06.2021. | |||||
| No of Accounts | A | re ate ex osure as on 30.06.2021 Rs in crore | ||||
| 1032 | 69.33 | |||||
| 21 | Number of Investors' Complaints received and disposed off during the quarter ended 30.06.2021. | |||||
| i)Pending at the beginning of the quarter | O | |||||
| ii) Received during the quarter | : 91 | |||||
| iii) Disposed off during the quarteriv L in unresolved at the end of the uarter | : 910 |
�.,.::!�'l!. «t<f.) � Cana!�JE� � 22 Figures for the corresponding previous periods have been regrouped/reclassified wherever considered necessary. The figures for the quarter ended March 31,2021 are the balancing figures between audited figures in respect of the financial year 2020-21 and the published year to date figures up to December 31, 2020. � R MAHENDRAN GANESH R DIVISIONAL MANAGER DIVISIONAL MANAGER ASST GENERAL MANAGER � �� t<,..... S K MAJUMDAR GENERAL MANAGER & CFO BRIJ MOHAN SHARMA EXECUTIVE DIRECTOR K. SATY�N AN RAJU EXEC R I ,,._ �p V RAMACHANDRA CHIEF GENERAL MANAGER DEBASHISH MUKHERJEE EXECUTIVE DIRECTOR LV. PRABHAKAR SUCHINDRA MISRA DIRECTOR For D.K.CHHAJER & CO Chartered Accountants FRN : 304138E (NANO KISHORE SARRAF) PARTNER MEMBERSHIP NO. 510708 PLACE : BENGALURU DATE : 27.07.2021 MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER R KESAVAN DIRECTOR For SN K & CO Chartered Accountants FRN : 109176W � _ .. .,,.) �" (ANKIT D.DANAWALA) PARTNER MEMBERSHIP N0.119972 VENKATACHALAM RAMAKRISHNA IYER DIRECTOR For N. K. BHARGAVA & co Chartered Accountants FRN : 000429N X;L/� (NIKHIL BHARGAVA) PARTNER MEMBERSHIP N0.512853 DIRECTOR For RAO & EM MAR Chartered Accountants FRN : 003084S V (PRAVEEN BJ) PARTNER MEMBERSHIP N0.215713
Independent Auditors' Review Report on Unaudited Standalone Financial Results for the Quarter ended 30th June, 2021 of Canara Bank pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To The Board of Directors, Canara Bank, Bengaluru
- I. We have reviewed the accompanying statement of unaudited standalone financial results of Canara Bank ("the Bank") for the quarter ended 30th June, 2021 ("the Statement"), being submitted by the Bank pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ("the Regulations"). The Statement is the responsibility of the Bank's Management and has been approved by the Board of Directors. Our responsibility is to issue a report on these financial statements based on our review. The disclosures relating to Pillar 3 disclosure as at 30th June, 2021, including leverage ratio and liquidity coverage ratio under Basel III Capital Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in the Statement, have not been reviewed by us.
-
- This Statement has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 "Interim Financial Reporting" ("AS 25"), issued by Institute of Chartered Accountants of India, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (RBI) from time to time ("RBI Guidelines") and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
-
- We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to making inquiries of bank personnel and applying analytical and other review procedures to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
-
- These unaudited standalone financial results incorporate relevant returns of 20 branches, Card Division and Integrated Treasury Wing reviewed by us and 2 foreign branches reviewed by other local auditors specially appointed for this purpose. In the conduct of our Review, we have taken note of the review reports in respect of non-performing assets received from inspection teams/concurrent auditors of the bank for 333 branches. The above review covers 54.09 % of the total advance's portfolio of the bank and 69.70 % of the non-performing assets of the Bank. Apart from these review reports, in the conduct of our review, we have also taken note of various returns received from other 9524 domestic branches and 2 foreign branches of the Bank.
-
- Based on our review conducted as above, subject to limitation in scope as mentioned in Para 3 above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited standalone financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 I 5 as amended including the manner in which it is to be disclosed, or that it contains any material misstatement or that it has not been prepared in accordance with the relevant guidelines/directions/prudential norms issued by the Reserve Bank of India in respect ofinco� recognition, asset classification, provisioning and other related matters.
'
| Mis. D. K. Chhajer & Co. | Mis. S N K & Co. | Mis. N. K. Bhargava & Co. | Mis. Rao & Emmar |
|---|---|---|---|
| Chartered Accountants | Chartered Accountants | Chartered Accountants | Chartered Accountants |
| FRN: 304138E | FRN: 109176W | FRN: 000429N | FRN: 003084S |
6. Emphasis of Matters:
We draw attention to Note No. 18 to the Statement, which describes the uncertainties due to outbreak of COYID-19 pandemic and the management's evaluation of its impact on the business operations of the Bank. The extent to which the COVID-19 pandemic will continue to impact the Bank's results will depend on future developments, which are highly uncertain.
Our conclusion is not modified in respect of these matters.
For Mis. D. K. Chhajer & Co. Chartered Accountants FRN: 304138E
(Nand Kishore Sarrat) Partner Membership Number 510708 UDIN:215 'lOi AAEW2876
Place: Bengaluru Date: 27th July, 2021
For Mis. S N K & Co.
For Mis. N. K. Bhargava & Co. Chartered Accountants FRN: 000429N
X_1 ,10 (
(Nikhil�) Partner Membership Number 512853 UDIN:21512853AAAAAO7123
For Mis. Rao & Emmar Chartered Accountants FRN: 003084S
(Praveen BJ) Partner Membership Number 215713 UDIN: 21215713AAAAOJ8079
Independent Auditors· Review Report on Unaudited Consolidated Financial Results for the Quarter ended 30th June, 2021 of Canara Bank pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To The Board of Directors Canara Bank Bengaluru
- I. We have reviewed the accompanying Statement of unaudited Consolidated Financial Results of Canara Bank ("the Parent"/"the Bank") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), its jointly controlled entity and its share of the net profit after tax of its associates for the quarter ended 30th June, 2021 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Regulations"), except for the disclosures relating to consolidated Pillar 3 disclosure as at 30th June, 2021 including leverage ratio and liquidity coverage ratio under Basel Ill Capital Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in the Statement and have not been reviewed by us.
-
- This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 "Interim Financial Reporting" ("AS 25"), issued by Institute of Chartered Accountants of India, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (RBI) from time to time ("RBI Guidelines") and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
-
- We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review or Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.
- Name of the Entity Canara Bank Canbank Financial Services Limited Canbank Factors Limited Canara Robeco Asset Management Com any Limited Canbank Computer Services Limited Canara Bank Securities Limited (formerly GILT Securities Trading Corpn. Ltd.) Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited Canbank Venture Capital Fund Limited Canara Bank (Tanzania) Limited Synd Bank Services Limited Commercial Indo Bank LLC. Moscow Cantin Homes Limited Karnataka Gramin Bank Kerala Gram in Bank Andhra Pragathi Grameena Bank Karnataka Vikas Grameena Bank Relationship Parent Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Subsidiary Joint Venture Associate Associate Associate Associate Associate
-
- The Statement includes the results of the following entities:
| Mis. D. K. Chhajer & Co. | Mis. S N K & Co. | Mis. N. K. Bhargava & Co. | Mis. Rao & Emmar |
|---|---|---|---|
| Chartered Accountants | Chartered Accountants | Chartered Accountants | Chartered Accountants |
| FRN: 304138E | FRN: 109176W | FRN: 000429N | FRN: 003084S |
-
- Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of inspection teams and reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the recognition and measurement principles laid down in the aforesaid Accounting Standard, RBI Guidelines and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed except for the disclosures relating to consolidated Pillar 3 disclosure as at 30th June, 2021 including leverage ratio and liquidity coverage ratio under Basel Ill Capital Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in the Statement and have not been reviewed by us.
-
- We did not review the interim financial results of 335 (Includes 2 Overseas) Branches included in the unaudited standalone financial results of the entities included in the Group, whose results reflect Total Advances of Rs. 1,46,620. 78 Crores as at 30th June, 2021 and Total Revenues of Rs. 2,676.14 Crores for the quarter ended 30th June, 2021. The interim financial results of these branches have been reviewed by internal inspection teams/concurrent auditors of the branches whose reports have been furnished to us, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these branches, is based solely on the report of such inspection teams and the procedures performed by us as stated in paragraph 3 above.
We did not review the interim financial results of 9 subsidiaries included in the unaudited consolidated financial results, whose interim financial results reflect Total Assets of Rs. 25,236.50 Crores as at 30th June, 2021, Total Revenues of Rs. 2,220.08 Crores for the quarter ended 30th June, 2021 and Total Net Loss after Tax of Rs. 82.82 Crores for the quarter ended 30thJune, 2021, as considered in the unaudited consolidated financial results.
The unaudited consolidated financial results also include the Group's share of Net Profit after Tax of Rs 32.65 Crores for the quarter ended 30th June, 2021, in respect of I associate, whose interim financial result has not been reviewed by us.
The above interim financial results have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associates, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Our Conclusion on the statement is not modified in respect of the above matter.
- The unaudited consolidated financial results include the interim financial results of 9526 (including 2 overseas) branches which have not been reviewed are included in the unaudited standalone financial results of the entities included in the Group, whose results reflect Total Advances of Rs. 3,42,3 12.42 Crores as at 30th June, 2021 and Total Revenues of Rs. 14,903.51 Crores for the quarter ended Joth June, 2021, as considered in the respective unaudited standalone financial results of the entities included in the Group.
The unaudited consolidated financial results include the interim financial results of 1 jointly controlled entity which has not been reviewed by their auditors, whose interim financial results reflect Total Assets of Rs. 621.22 Crores as at 30th June, 2021, Total Revenue of Rs. 6.82 Crores and Total Profit after Tax of Rs. 0.32 Crores for the quarter ended 30th June, 2021, as considered in the unaudited consolidated financial results.
The unaudited consolidated financial results also include the Group's share of Net Profit after Tax of Rs. 63.24 Crores for the quarter ended 30th June, 2021, as considered in the unaudited consolidated financial results, in respect of 4 associates, based on their interim financial results which have not been reviewed by their auditors.
According to the information and explanations given to us by the Management, the above interim financial results are not material to the Group.
Our Conclusion on the statement is not modified in respect of the above matter.
| Mis. D. K. Chhajer & Co. | Mis. S N K & Co. | Mis. N. K. Bhargava & Co. | Mis. Rao & Emmar |
|---|---|---|---|
| Chartered Accountants | Chartered Accountants | Chartered Accountants | Chartered Accountants |
| FRN: 304138E | FRN: 109176W | FRN: 000429N | FRN: 003084S |
- Emphasis of Matters:
We draw attention to Note No. 18 to the Statement, which describes the uncertainties due to outbreak of COVID-19 pandemic and the management's evaluation of its impact on the business operations of the Bank. The extent to which the COYID-19 Pandemic will continue to impact the Bank's results will depend on future developments, which are highly uncertain.
Our conclusion on the statement is not modified in respect of these matters.
- The auditors of Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd., a subsidiary of the Group have reported that the actuarial valuation of liabilities for life policies in force is the responsibility of the Company's Appointed Actuary (the Appointed Actuary). The actuarial valuation of these liabilities as at 30th June, 202 I for policies in force and for policies in respect of which premium has been discontinued but liability exists as at that date has been duly certified by the Appointed Actuary. The Appointed Actuary has certified to the Company that the method and assumptions used for such valuations are in accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority of India ()RDA!) and the Institute of Actuaries of India in concurrence with the !RDA r. Further, the concerned Component Auditor has reported that they had relied upon the Appointed Actuary's certificate in this regard and their conclusion in so far as it relates to the actuarial valuation is based solely on the certificate of the Appointed Actuary.
Our Conclusion on the statement is not modified in respect of the above matter.
For Mis. D. K. Chhajer & Co. Chartered Accountants FRN: 304138E
(Nand Kishore Sarrat) Partner Membership Number 510708 UDIN: AAAEX1211
Place: Bengaluru Date: 27th July, 2021
For Mis. S N K & Co. Chartered Accountants FRN: 109176W
�
(Ankit D. Danawala) Partner Membership Number 119972 UDIN:21119972AAAAEU4956
For Mis. N. K. Bhargava & Co. Chartered Accountants FRN: 000429N
(Nikhil Bhargava) Partner Membership Number 512853 UDIN:21512853AAAAAP2406
For Mis. Rao & Em mar Chartered Accountants FRN: 003084S
(Pmvttn�
Partner Membership Number 215713 UDIN:21215713AAAAOK6894
STATEMENT OF DEVIATIONNARIATION IN UTILIZATION OF FUNDS RAISED
| Name of listed entity | CANARA BANK | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Mode of Fund Raising | Public Issues/Rights Issues/Preferential issues/QIP/Others | ||||||||
| Date of Raising Funds | NOT APPLICABLE FOR Q1 FY-2022 | ||||||||
| Amount Raised | NOT APPLICABLE FOR Ql FY-2022 | ||||||||
| Report filed for Quarter ended | 30tn June2021 | ||||||||
| Monitoring Agency | NOT APPLICABLE FOR Ql FY-2022 | ||||||||
| Monitoring Agency Name, ifapplicable | NOT APPLICABLE FOR Q1 FY-2022 | ||||||||
| Is there a Deviation / Variation inuse of funds raised | NOT APPLICABLE FOR Ql FY-2022 | ||||||||
| If yes, whether the same is pursuantto change in terms of a contract orobjects, which was approved by theshareholders | - | ||||||||
| If Yes, Date of shareholder Approval | - | ||||||||
| Explanation for the Deviation /Variation | - | ||||||||
| Comments of the Audit Committeeafter review | - | ||||||||
| Comments of the auditors, if any | - | ||||||||
| Objects for which funds have beenraised and where there has been adeviation, in the following table | |||||||||
| Original Object | ModifiedObject,if any | OriginalAllocation | Modifiedallocation,if any | FundsUtilised | Amount ofDeviation/Variationfor the quarteraccording toapplicable object | Remarksif any | |||
| - | - | - | - | - | - | - | |||
| Deviation or variation could mean:(a) Deviation in the objects or purposes for which the funds have been raised or(b) Deviation in the amount of funds actually utilized as against what was originally disclosed or(c) Change in terms of a contract referred to in the fund raising document i.e. prospectus, letter of offer, etc | |||||||||
| ��"-2Name of Signatory SK MAJUMDARGENERAL MANAGE & CFODes;goatio,w | :� | n�.��ii�*•-�:,:- | Place:Date: | Bengaluru27/07/2021 |
lfllT-l: � 112, ii' >ftirr lflnIT 560002 / Head Office, 112 JC Road, Benaaluru - 560002