Canara Bank இன் முடிவுகள்

Mar 31, 2023

Report on Audit of the Standalone Financial Statements.

Opinion

1.    We have audited the accompanying standalone financial statements of Canara Bank ('the Bank'), which comprise the Balance Sheet as at March 31, 2023, the Profit and Loss Account and the Statement of Cash Flow for the year then ended, and notes to standalone financial statements including a summary of significant accounting policies and other explanatory information ('Standalone Financial Statement') in which are included the returns for the year ended on that date of:

i)    The Head Office, 20 Branches, 1 Integrated Treasury Wing audited by us.

ii)    2775 domestic branches audited by statutory branch auditors.

iii)    3 Foreign branches audited by respective local auditors.

The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet, the Profit and Loss Account and Statement of Cash Flows are the returns from 6911 domestic branches which have not been subjected to audit. These unaudited branches account for 26.32% of advances, 50.36% of deposits, 29.62% of interest income and 52.46% of interest expenses.

2.    In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Banking Regulation Act, 1949 in the manner so required for bank and are in conformity with the accounting principles generally accepted in India and:

a) the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the

necessary particulars, is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at March 31, 2023;

b)    the Profit and Loss Account, read with notes thereon shows a true balance of Profit for the year ended as on that date; and

c)    the statement of Cash Flows gives a true and fair view of the cash flows for the year ended on that date.

Basis for Opinion

3.    We conducted our audit in accordance with the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India ("ICAI"). Our responsibilities under those Standards are further described in the Auditors' Responsibilities for the Audit of the standalone financial statements section of our report. We are independent of the Bank in accordance with the Code of Ethics issued by the ICAI together with ethical requirements that are relevant to our audit of the standalone financial statements, prepared in accordance with the Accounting Principles generally accepted in India including the Accounting Standards issued by the ICAI, and the provisions of the section 29 of Banking Regulations Act, 1949 and circulars and guidelines issued by Reserve Bank of India and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

4.    We draw attention to the following:

i) Note No. 14(j) of the accompanying Statement regarding adoption of new tax regime rates as per section 115BAA of the Income Tax Act, 1961 with effect from Assessment Year 2022-23. While calculating the impact of the change in Tax regime from Assessment Year 2022-23, an amount of deferred tax of '2,972.77 Crores have been charged to P&L

Account in the current year. Further, Provision for Income Tax of previous Financial Year 2021- 22 of '1,578.20 Crores have also been reversed in the current year including '443.06 Crores on account of change of regime.

Our Opinion is not modified in respect of this matter.

Key Audit Matters

5. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report:

Sl. No.	Key Audit Matter	Response to Key Audit Matter
1	Income Recognition, Asset Classification, Adequacy of provisions thereon & Investments. Advances and investments constitute the largest class of assets of the bank. Classification, income recognition and provisioning thereon have been in conformity with the guidelines and various norms prescribed by Reserve Bank of India. The management of the bank relies on the CBS (Core Banking Solutions) along with other allied IT systems accompanied by various estimates, prudent judgement relating to performance of borrowers, determination of security value, manual interventions including services of experts & professionals for asset classification, Income recognition and provisioning thereon.	Principal Audit Procedures: Our audit was focused on income recognition, asset classification and provisioning pertaining to advances considering the materiality of the balances. We assessed the Bank's system in place to identify and provide for nonperforming assets. Our audit approach consisted of testing of the design and operating effectiveness of the internal controls with respect to the followings: •    Assessing the Controls with respect to approval, documentation, disbursement, monitoring of advances. •    Review of the CBS and other related & allied systems for compliance with the prudential norms issued by Reserve Bank of India. •    Evaluation of the design of internal controls relating to identification and making provision for nonperforming assets. •    Review of the relevant information technology systems used in identification and making provision for such NPA as per the RBI Guidelines. •    Evaluated and tested the management estimates and judgements for the purpose of identification of NPA and adequacy of provision required as per RBI's Prudential norms. •    Reviewed the reliability, effectiveness and accuracy of the manual interventions, wherever it has come to our knowledge on test check basis.

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•    Relied on the reports / returns/ judgements of the Statutory Branch Auditors (SBA) in case of branches not audited by us for identification and provisioning for nonperforming assets and for overall compliance in conformity with SA-600 •    Test checked the identification and provisioning of nonperforming assets in accordance with RBI Guidelines issued from time to time and also the mechanism for identification of stressed accounts •    Relied on the opinions and reports of various experts, which includes independent valuers, lawyers, legal experts and such other professionals, who have rendered services to the bank in various capacities in conformity with SA-620. •    Reviewed the internal audit/inspection reports / Concurrent audit reports, wherever available. •    Verification of valuation, classification, provisioning and income recognition of investments by carrying out substantive tests including arithmetical accuracy, data accuracy and control over the financial reporting system.

2	Key Information Technology (IT) systems including migration	Principal Audit Procedures: We conducted an assessment and identified
Â	(Flex Cube - Oracle based) used in financial	key IT applications, databases and operating
Â	reporting process.	systems that are relevant to
Â	The Bank's operational and financial processes are dependent on IT systems due to large volume of transactions	our audit and have identified CBS, BSPL Reporting Package and Treasury System primarily as relevant for financial reporting.
Â	that are processed on	Our audit approach
Â	daily basis and hence,	consisted testing of the
Â	considered as a key audit	design and operating
Â	matter, correctness &	effectiveness of the internal
Â	effectiveness of which	controls as follows:
Â	are mainly dependent on	• Obtained an
Â	the Core Banking Solution	understanding of
Â	(CBS) and other allied	the Bank's IT control
Â	systems.	environment and IT
Â	We have relied upon the consistent and accurate	policies during the audit period.
Â	functioning of CBS &	• Reviewed the design,
Â	other allied systems	implementation and
Â	with respect to Income	operating effectiveness of
Â	Recognition, Classification	the Bank's basic IT controls
Â	of Assets and provisioning	including application, access controls that
Â	of advances in conformity	are critical to financial
Â	with the RBI guidelines,	reporting on test check
Â	reconciliation & ageing of various suspense and	basis.
Â	sundry accounts along	• Reviewed the IS Audit
Â	with such other accounts,	Reports and discussed
Â	recording investment transactions.	with IS Wing on compliance to key IS Controls.
Â	Â	• Tested key automated and
Â	Â	business cycle controls and logic for system generated reports relevant to the audit on test check basis.

Â	Deferred Tax Asset The bank has recognized a net deferred tax asset of '5980.73 Crores as on March 31, 2023. Objective estimation, recognition and measurement of Deferred Tax Asset are based on the judgement and numerous estimates regarding the availability of profits in future in conformity with AS-22 issued by the ICAI. It has been carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.	Principal Audit Procedures: We have performed the following procedures as part of of our control testing: •    Review of the policies used for recognition and measurement of deferred tax assets in accordance with AS-22-Accounting for Taxes on Income. •    Assessed the probability of the availability and visibility of profits against which the bank will be able to use the Deferred Tax Asset in future.
Â	Various Litigations & Contingent Liability Assessment of Contingent liabilities in respect of certain litigations with respect to taxes and various other claims filed by other parties upon bank, not acknowledged as debts. The bank's assessment is supported by facts of matter, their own judgement, past experience and advises from independent experts, wherever necessary. Accordingly, unexpected adverse outcomes may significantly impact the bank's reported profit and the balance sheet.	Principal Audit Procedures: Our approach to audit is based on the following: •    Review of the current status of the tax litigations and other contingent liabilities. •    Examination of the communications received from various authorities and follow up actions thereon. •    Evaluation of merits of the subject matter under consideration with reference to the background and reliance on the expert opinion thereon.

Information other than the Standalone Financial

Statements and Auditors’ Report thereon:

6.    The Bank's Board of Directors is responsible for the preparation of other information. The other information comprises the Pillar III Disclosures under the New Capital Adequacy Framework (BASEL III Disclosures) (but does not include the financial statements and our auditors' report thereon), Corporate Governance Report, which we obtained prior to issuance of this Auditors' Report and the Directors' Report, Key Financial Indicators and Shareholder's Information, which is expected to be made available to us after the date of our auditors' report.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditors' report, we conclude there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

When we read the other information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to Those Charged with Governance.

Responsibilities of Management and Those Charged with

Governance for the Standalone Financial Statements:

7.    The Bank's Board of Directors is responsible with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank in accordance with the accounting principles generally accepted in India, including the Accounting Standards issued by ICAI, and provisions of Section 29 of the Banking Regulation Act, 1949 and circulars and guidelines issued by the Reserve Bank of India ('RBI') from time to time.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Bank's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the bank's financial reporting process.

Auditors’ Responsibilities for the Audit of the Standalone

Financial Statements:

8. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

a) Identify and assess the risks of material misstatement of the financial statements,

whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

b)    Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances..

c)    Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

d)    Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the bank's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the bank to cease to continue as a going concern.

e)    Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of

our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter:

9. We did not audit the financial statements / information of2775 domestic branches and 3 foreign branches included in the Standalone Financial Statements of the Bank whose financial statements / financial information reflect total advances of '3,60,792.19 crores as at March 31, 2023 and total revenue of '28,906.02 crores for the year ended on that date, as considered in the Standalone Financial Statements. These branches and processing centres cover 38.67% of advances, 47.76% of deposits, 43.68% of non-performing assets and 38.75% of revenue. The financial statements/ information of these branches has been audited by the Bank's Statutory Branch Auditors whose reports have been furnished to us and in our opinion in so far as it relates to the amounts and disclosures included in respect of branches, is based solely on the reports of such Branch auditors.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements:

10.    The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with Section 29 of the Banking Regulation Act, 1949;

11.    Subject to the limitations of the audit indicated in above paragraphs and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, and subject also to the limitations of disclosure required therein, we report that:

a)    We have sought and obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory;

b)    The transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and

c)    The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

12.    As required by RBI Letter No DOS.ARG. No. 6270/ 08.91.001 / 2019-20 dated March 17, 2020 on "Appointment of Statutory Central Auditors (SCAs) in Public Sector Banks - Reporting obligations for SCA's from FY 2019-20", read with subsequent communication dated May 19, 2020 issued by RBI, we further report on the matters specified in paragraph 2 of the aforesaid letter as under:

a)    In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards issued by ICAI, to the extent they are not inconsistent with the accounting policies prescribed by the RBI.

b)    There are no observations or comments on financial transactions or matters which have any adverse effect on the functioning of the bank.

c)    On the basis of the written representations received from the directors as on March 31, 2023, none ofthe directors is disqualified as on March 31, 2023 from being appointed as a director in terms of Section 164 (2) of the Companies Act, 2013.

d)    There are no qualifications, reservations or adverse remarks relating to maintenance of accounts and other matters connected therewith.

e) Our audit report on the adequacy and operating effectiveness of the Bank's Internal Financial Controls over Financial Reporting as required by the RBI Letter OS.ARG.No.6270/08.91.001/ 2019-20 dated March 17, 2020 (as amended) is given in Annexure A to this report. Our report expresses an unmodified opinion on the Bank's Internal Financial Controls over Financial Reporting as at March 31, 2023.

13. We further report that:

a)    in our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us;

b)    the Balance Sheet, the Profit and Loss Account and the Statement of Cash Flows dealt with by this report are in agreement with the books of accounts and with the returns received from the branches not visited by us;

c)    the reports on the accounts of the branch offices audited by branch auditors of the Bank under Section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report; and

d)    In our opinion, the Balance Sheet, Profit and Loss Account and the Statement of Cash Flows comply with the applicable accounting standards, to the extent they are not inconsistent with the accounting policies prescribed by RBI.

For N. K. Bhargava & Co.    For Rao & Emmar

Chartered Accountants    Chartered Accountants

FRN:000429N    FRN:003084S

(N. K. Bhargava)    (Kamal Rai Madhra)

Partner    Partner

Membership No: 080624    Membership No: 098607

UDIN: 23080624BGVDQF8903 UDIN: 23098607BGXQGK2548

For P A & Associates    For Arun K Agarwal & Associates

Chartered Accountants    Chartered Accountants

FRN:313085E    FRN:003917N

(Brajananda Dash)    (Arun Kumar Agarwal)

Partner    Partner

Membership No: 062142    Membership No: 082899

UDIN:23062142BGWTYO7768 UDIN: 23082899BGXXGM3041

For Sarath & Associates

Chartered Accountants FRN: 005120S

(S Srinivas)

Partner

Membership No: 202471 UDIN: 23202471BGTEKH3195

Place : Bengaluru Date : 08.05.2023

---

Mar 31, 2022

Report on Audit of the Standalone Financial StatementsOpinion

1. We have audited the accompanying standalone financial statements of Canara Bank (''the Bank''), which comprise the Balance Sheet as at 31^st March 2022, the Profit and Loss Account and the Statement of Cash Flow for the year then ended, and notes to standalone financial statements including a summary of significant accounting policies and other explanatory information (''Standalone Financial Statement'') in which are included the returns for the year ended on that date of 20 branches and Integrated Treasury Wing audited by us and 3532 branches (including 3 foreign branches) audited by statutory branch auditors and respective local auditor. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet, the Profit and Loss Account and Statement of Cash Flow, the returns from 6185 domestic branches which have not been subjected to audit. These unaudited branches account for 19.97% of advances, 39.71% of deposits, 23.15% of interest income and 41.70% of interest expenses.

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Banking Regulation Act, 1949 in the manner so required for bank and are in conformity with the accounting principles generally accepted in India and :

a. the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at 31^st March 2022;

b. the Profit and Loss Account, read with notes thereon shows a true balance of Profit for the year ended as on that date; and

c. the statement of Cash Flow gives a true and fair view of the cash flows for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SA''s) issued by the Institute of Chartered Accountants of India ("ICAI"). Our responsibilities under those Standards are further described in the Auditors'' Responsibilities for the Audit of the standalone financial statements section of our report. We are independent of the Bank in accordance with the code of ethics issued by the ICAI together with ethical requirements that are relevant to our audit of the standalone financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

4. We draw attention to:

a. Note 16 to the accompanying standalone financial statement, which describes the change in accounting policy of appropriation of recovery in suit filed accounts and accounts recalled by way of proceeds through SARFAESI / DRT and normal recovery in the accounts w.e.f. 1^st April 2021 resulting in increase in Interest Income by ''533.15 Crores and consequential effect in Gross NPA by '' 470.89 crores and NPA provision by ''247.28 crores for the year ended on 31^st March, 2022.

b. Note 19 to the accompanying standalone financial statement, which describes accumulated losses and share premium account during the year ended on 31.03.2022 (in Q2), Bank has set off its accumulated losses of ''18495.30 crores as at 31.03.2021 against the

available balance in the share premium account after obtaining approval from shareholders as well as the Reserve Bank of India.

c. Note 20 to the accompanying standalone financial statement, which describes the business uncertainties due to outbreak of COVID-19 pandemic and the management''s evaluation of its impact on the business operations of the Bank.

Our report is not modified in respect of this matter.

Key Audit Matters

5. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report:

Sl. No.	Key Audit Matter	Response to Key Audit Matter
1	Income Recognition, Asset Classification, Adequacy of provisions thereon & Investments. Advances and investments constitute the largest class of assets of the bank. Classification, income recognition and provisioning thereon have been in conformity with the guidelines and various norms prescribed by Reserve Bank of India. The management of the bank relies on the CBS (Core Banking Solutions) along with other allied IT systems accompanied by various estimates, prudent judgement relating to performance of borrowers, determination of security value, manual interventions including services of experts & professionals for asset classification, Income recognition and provisioning thereon.	Principal Audit Procedures: Our audit was focused on income recognition, asset classification and provisioning pertaining to advances considering the materiality of the balances. We assessed the Bank''s system in place to identify and provide for nonperforming assets. Our audit approach consisted of testing of the design and operating effectiveness of the internal controls with respect to the followings: • Assessing the Controls with respect to approval, documentation, disbursement, monitoring of advances. • Review of the CBS and other related & allied systems for compliance with the prudential norms issued by Reserve Bank of India. • Evaluation of the design of internal controls relating to identification and making provision for nonperforming assets. • Review of the relevant information technology systems used in identification and making provision for such NPA as per the RBI Guidelines. • Evaluated and tested the management estimates and judgements for the purpose of identification of NPA and adequacy of provision required as per RBI''s Prudential norms. • Reviewed the reliability, effectiveness and accuracy of the manual interventions, wherever it has come to our knowledge on test check basis

• Relied on the reports / returns / judgements of the Statutory Branch Auditors (SBA) in case of branches not audited by us for identification and provisioning for nonperforming assets and for overall compliance in conformity with SA-600 • Test checked the identification and provisioning of nonperforming assets in accordance with RBI Guidelines issued from time to time and also the mechanism for identification of stressed accounts • Relied on the opinions and reports of various experts, which includes independent valuers, lawyers, legal experts and such other professionals, who have rendered services to the bank in various capacities in conformity with SA-620. • Reviewed the internal audit / inspection reports / Concurrent audit reports, wherever available. • Verification of valuation, classification, provisioning and income recognition of investments by carrying out substantive tests including arithmetical accuracy, data accuracy and control over the financial reporting system.

2

Key Information Technology (IT) systems including migration (Flex Cube - Oracle based) used in financial reporting process. The Bank''s operational and financial processes are dependent on IT systems due to large volume of transactions that are processed on daily basis and hence, considered as a key audit matter, correctness & effectiveness of which are mainly dependent on the Core Banking Solution (CBS) and other allied systems. We have relied upon the consistent and accurate functioning of CBS & other allied systems with respect to Income Recognition, Classification of Assets and provisioning of advances in conformity with the RBI guidelines, reconciliation & ageing of various suspense and sundry accounts along with such other accounts, recording investment transactions.

Principal Audit Procedures: We conducted an assessment and identified key IT applications, databases and operating systems that are relevant to our audit and have identified CBS, BSPL Reporting Package and Treasury System primarily as relevant for financial reporting. Our audit approach consisted testing of the design and operating effectiveness of the internal controls as follows: • Obtained an understanding of the Bank''s IT control environment and IT policies during the audit period. • Reviewed the design, implementation and operating effectiveness of the Bank''s basic IT controls including application, access controls that are critical to financial reporting on test check basis. • Reviewed the IS Audit Reports and discussed with IS Wing on compliance to key IS Controls. • Tested key automated and business cycle controls and logic for system generated reports relevant to the audit on test check basis.

3	Deferred Tax Asset The bank has recognized a net deferred tax asset of ''8953.50 Crores as on 31st Mar, 2022. Objective estimation, recognition and measurement of Deferred Tax Asset are based on the judgement and numerous estimates regarding the availability of profits in future in conformity with AS-22 issued by the ICAI. It has been carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.	Principal Audit Procedures: We have performed the following procedures as part of our control testing: • Review of the policies used for recognition and measurement of deferred tax assets in accordance with AS-22-Accounting for Taxes on Income. • Assessed the probability of the availability and visibility of profits against which the bank will be able to use the Deferred Tax Asset in future.
4	Various Litigations & Contingent Liability Assessment of Contingent liabilities in respect of certain litigations with respect to taxes and various other claims filed by other parties upon bank, not acknowledged as debts. The bank''s assessment is supported by facts of matter, their own judgement, past experience and advises from independent experts, wherever necessary. Accordingly, unexpected adverse outcomes may significantly impact the bank''s reported profit and the balance sheet.	Principal Audit Procedures: Our approach to audit is based on the following: • Review of the current status of the tax litigations and other contingent liabilities. • Examination of the communications received from various authorities and follow up actions thereon. • Evaluation of merits of the subject matter under consideration with reference to the background and reliance on the expert opinion thereon.

Information other than the Standalone Financial

Statements and Auditors’ Report thereon:

6. The Bank''s Board of Directors is responsible for the preparation of other information. The other information comprises the Pillar III Disclosures under the New Capital Adequacy Framework (BASEL III Disclosures) (but does not include the financial statements and our auditors'' report thereon), Corporate Governance Report, which we obtained prior to issuance of this Auditors'' Report, and the Directors Report, which is expected to be made available to us after the date of our auditors'' report.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit, or otherwise appears to be material misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditors'' report, we conclude there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

When we read the other information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with

Governance for the Standalone Financial Statements

7. The Bank''s Board of Directors is responsible with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank in accordance with the accounting principles generally accepted in India, including the Accounting Standards issued by ICAI, and provisions of Section 29 of the Banking Regulation Act, 1949 and circulars and guidelines issued by the Reserve Bank of India (''RBI'') from time to time. This responsibility also includes maintenance of adequate accounting records in accordance with the

provisions of the Act for safeguarding of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Bank''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the bank''s financial reporting process.

Auditors’ Responsibilities for the Audit of the Standalone

Financial Statements

8. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors'' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

a. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those

risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

b. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.

c. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

d. Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the bank''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors'' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors'' report. However, future events or conditions may cause the bank to cease to continue as a going concern.

e. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors'' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter

9. We did not audit the financial statements / information of 6185 branches included in the standalone financial statements of the Bank whose financial statements / financial information reflect total assets of ''1,60,817.45 crores as at 31st March 2022 and total revenue of ''17,234.93 crores for the year ended on that date, as considered in the standalone financial statements. These branches and processing centres cover 19.97 % of advances, 39.71% of deposits, 10.52% of non-performing assets and 28.67% of revenue.

Our opinion is not modified in respect of this matter. Report on Other Legal and Regulatory Requirements

10. The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with Section 29 of the Banking Regulation Act, 1949;

11. Subject to the limitations of the audit indicated in above paragraphs and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, and subject also to the limitations of disclosure required therein, we report that:

a) We have sought and obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory;

b) The transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and

c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

12. As required by RBI Letter No DOS.ARG. No. 6270/ 08.91.001 / 2019-20 dated March 17, 2020 on "Appointment of Statutory Central Auditors (SCAs) in Public Sector Banks - Reporting obligations for SCA''s from FY 2019-20", read with subsequent communication dated May 19, 2020 issued by RBI, we further report on the matters specified in paragraph 2 of the aforesaid letter as under:

a) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards issued by ICAI, to the extent they are not inconsistent with the accounting policies prescribed by the RBI.

b) There are no observations or comments on financial transactions or matters which have any adverse effect on the functioning of the bank.

c) On the basis of the written representations received from the directors as on 31st March, 2022, none of the directors is disqualified as on 31^st March, 2022 from being appointed as a director in terms of Section 164 (2) of the Companies Act, 2013.

d) There are no qualifications, reservations or adverse remarks relating to maintenance of accounts and other matters connected therewith.

e) Our audit report on the adequacy and operating effectiveness of the Bank''s Internal Financial Controls over Financial Reporting as required by the RBI Letter OS.ARG.No.6270/08.91.001/ 2019-20 dated March 17, 2020 (as amended) is given in Annexure A to this report. Our report expresses an unmodified opinion on the Bank''s Internal Financial Controls over Financial Reporting as at 31^st March, 2022.

13. We further report that:

a) in our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us;

b) the Balance Sheet, the Profit and Loss Account and the Statement of Cash Flows dealt with by this report are in agreement with the books of accounts and with the returns received from the branches not visited by us;

c) the reports on the accounts of the branch offices audited by branch auditors of the Bank under section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report; and

d) In our opinion, the Balance Sheet, Profit and Loss Account and the Statement of Cash Flows comply with the applicable accounting standards, to the extent they are not inconsistent with the accounting policies prescribed by RBI.

For N. K. Bhargava & Co. For Rao & Emmar

Chartered Accountants Chartered Accountants

FRN:000429N FRN:003084S

(N. K. Bhargava) (R Subramanian)

Partner Partner

Membership Number 080624 Membership Number 015617

For P A & Associates For Arun K Agarwal & Associates

Chartered Accountants Chartered Accountants

FRN:313085E FRN:003917N

(Prashant Panda) (Arun Kumar Agarwal)

Partner Partner

Membership Number 051092 Membership Number 082899

For SARATH & ASSOCIATES

Chartered Accountants FRN:005120S

(P Sarath Kumar)

Partner

Membership Number 021755

Place : Bengaluru Date : 06.05.2022

---

Mar 31, 2021

Independent Auditor’s ReportTo,The Members of Canara Bank

Report on Audit of the Standalone Financial Statements

Opinion

1. We have audited the standalone financial statements of Canara Bank (''the Bank''), which comprise the Balance Sheet as at 31^st March 2021, the Statement of Profit and Loss and the Statement of Cash Flows for the year then ended, and notes to standalone financial statements including a summary of significant accounting policies and other explanatory information in which are included the returns for the year ended on that date of 20 branches, Integrated Treasury Wing audited by us and 5890 branches (including 4 foreign branches) audited by statutory branch auditors. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also included in the Balance Sheet, the Statement of Profit and Loss and Statement of Cash Flows are the returns from 4510 branches which have not been subjected to audit. These unaudited branches account for 9.39% of advances, 20.20% of deposits, 7.28% of interest income and 19.10% of interest expenses.

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Banking Regulation Act, 1949 in the manner so required for bank and are in conformity with the accounting principles generally accepted in India and :

a. the Balance Sheet, read with the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of the State of Affairs of the Bank as at 31^st March 2021;

b. the Statement of Profit and Loss, read with notes thereon shows a true balance of Profit; and

c. the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SA''s)issued by the Institute of Chartered Accountants of India ("ICAI"). Our responsibilities under those Standards are further described in the Auditor''s Responsibilities for the Audit of the standalone financial statements section of our report. We are independent of the Bank in accordance with the code of ethics issued by the Institute of Chartered Accountants of India together with ethical requirements that are relevant to our audit of the standalone financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the code of ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.

Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report:

Sl. No.	Key Audit Matter	Response to Key Audit Matter
1	Adequacy of provisions in respect of Advances. Advances are classified as performing and nonperforming assets in accordance with the prudential norms issued by RBI. The identification of non-performing assets and creation of provision on such advances involves key judgements relating to performance of borrowers, determination of security value, etc. Accordingly, our audit was focused on income recognition, asset classification and provisioning pertaining to advances due to involvement of management judgement and considering the materiality of the balances	Principal Audit Procedures: We assessed the Bank''s system in place to identify and provide for nonperforming assets. Our audit approach consisted testing of the design and operating effectiveness of the internal controls and substantive testing as follows: • Evaluated the design of internal controls relating to identification and making provision for non-performing assets. • Tested the relevant information technology systems used in identification and making provision for such NPA as per the RBI Guidelines. • Evaluated and tested the management estimates and judgements for the purpose of identification of NPA and adequacy of provision required as per RBI''s Prudential norms. • Considered branch audit reports for identification and provisioning for nonperforming assets • Test checked the identification and provisioning of nonperforming assets in accordance with RBI Guidelines issued from time to time. • Ensured exceptions noticed during our audit procedures are duly corrected.

2

Key Information technology (IT) systems including migration (Flex Cube - Oracle based) used in financial reporting process. The Bank''s operational and financial processes are dependent on IT systems due to large volume of transactions that are processed on daily basis and hence considered as a key audit matter.

Principal Audit Procedures: We conducted an assessment and identified key IT applications, databases and operating systems that are relevant to our audit and have identified CBS, BSPL Reporting Package and Treasury System primarily as relevant for financial reporting. Our audit approach consisted testing of the design and operating effectiveness of the internal controls as follows: • Obtained an understanding of the Bank''s IT control environment and IT policies during the audit period. • Reviewed the design, implementation and operating effectiveness of the Bank''s basic IT controls including application, access controls that are critical to financial reporting on test check basis. • Reviewed the IS Audit Reports and discussed with IS Wing on compliance to key IS Controls. • Tested key automated and business cycle controls and logic for system generated reports relevant to the audit on test check basis. • The bank has conducted migration audit of the system through a third party domain expert and we have relied on the report of such audit

3	Modified Audit	Principal Audit
	Procedures carried out	Procedures:
	considering COVID-19	Due to the outbreak of
	outbreak:	2nd Wave of COVID-19
	Due to 2nd Wave of	pandemic that caused lockdown and other
	COVID-19 pandemic,	travel restrictions
	lockdown and travel	imposed by the various
	restrictions imposed by	State Governments /
	various State Governments /	local administration and
	Local Authorities and also	also in light of increasing
	in light of increasing COVID	COVID cases in respective
	cases in respective regions	regions during the period of our audit, we
	during the period of our	could not travel to the
	audit and Bank to facilitate	certain Branches/Circle
	carrying out audit remotely	offices /Administrative/
	wherever physical access	Corporate Offices and
	was not possible, audit	carry out the audit
	could not be conducted by	processes physically at
	visiting the premises of	the respective offices.
	certain Branches / Circle Offices / Wings in the Corporate Office of the bank.	Wherever physical access was not possible, necessary records / reports / documents / certificates were made
	As we could not gather	available to us by the Bank
	audit evidence in person/	through digital medium,
	physically / through discussions and personal interactions with the	emails and remote access to CBS, BSPL and other relevant application software. To this extent,
	officials at the Branches /	the audit process was
	Circle / Administrative /	carried out based on such
	Corporate Offices, we have	documents, reports and
	identified such modified	records made available
	audit procedures as a Key	to us which were relied
	Audit Matter. Accordingly, our audit	upon as audit evidence for conducting the audit and reporting for the
	procedures were modified	current period.
	to carry out the audit	Accordingly, we modified
	remotely.	our audit procedures as follows:
		a We, the Statutory
		Central Auditors and certain Statutory Branch Auditors conducted
		verification of necessary records / documents / CBS / BSPL and other Application software electronically through remote access / emails

in respect of certain Branches / Circle Offices / Administrative Offices and other offices of the Bank wherever physical access was not possible. b. Carried out verification of scanned copies of the documents, deeds, certificates and the related records made available to us through emails and remote access over secure network of the Bank. c. Making enquiries and gathering necessary audit evidence through Video Conferencing, dialogues and discussions over phone calls / conference calls, emails and similar communication channels. d. Resolution of our audit observations telephonically / through email instead of a face-to-face interaction with the designated officials.

Emphasis of Matter:

5. Attention is drawn to Clause 6.25 of Schedule No 18 to the accompanying standalone financial statements, that the figures for the current quarter and year ended 31^st March, 2021 includes figures of erstwhile Syndicate Bank amalgamated with the Bank whereas figures for the corresponding year ended 31^st March, 2020 are of pre-amalgamated Canara Bank and hence the same are not comparable.

6. Attention is drawn to Clause 6.17 of Schedule No. 18 to the accompanying standalone financial statements, 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.

Our report is not modified in respect of this matter.

Information other than the Financial Statements and

Auditor''s Report thereon:

7. The Bank''s Board of Directors is responsible for the other information. The other information comprises the Pillar III Disclosures under the New Capital Adequacy Framework (BASEL III Disclosures) (but does not include the financial statements and our auditor''s report thereon), Corporate Governance Report, which we obtained prior to the date of this Auditor''s Report, and the Directors Report, which is expected to be made available to us after the date of our auditor''s report.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit, or otherwise appears to be material misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditor''s report, we conclude there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with

Governance for the Standalone Financial Statements

8. The Bank''s Board of Directors is responsible with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank in accordance with the accounting principles generally accepted in India, including the Accounting Standards issued by ICAI, and provisions of Section 29 of the Banking Regulation Act, 1949 and circulars and guidelines issued by the Reserve Bank of India (''RBI'') from time to time. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent;

and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are freefrom material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Bank''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial

Statements

9. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,

misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank''s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the bank''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the bank to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant

deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to out weigh the public interest benefits of such communication.

Other Matter

10. We did not audit the financial statements / information of 4510 branches included in the standalone financial statements of the Bank whose financial statements / financial information reflect total assets of ''469653.35 Crs as at 31^st March 2021 and total revenue of ''11869.08 Crs for the year ended on that date, as considered in the standalone financial statements. The financial statements / information of these branches have been audited by the branch auditors whose reports have been furnished to us, and in our opinion in so far as it relates to the amounts and disclosures included in respect of branches, is based solely on the report of such branch auditors.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

11. The Balance Sheet and the Statement of Profit and Loss have been drawn up in accordance with Section 29 of the Banking Regulation Act, 1949;

12. Subject to the limitations of the audit indicated in above paragraphs and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 / 1980, and subject also to the limitations of disclosure required therein, we report that:

a) We have sought and obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory;

b) The transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and

c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

13. As required by Letter No DOS.ARG. No. 6270 / 08.91.001 / 2019-20 dated March 17,2020 on "Appointment of Statutory Central Auditors (SCAs) in Public Sector Banks - Reporting obligations for SCA''s from FY 2019-20", read with subsequent communication dated May 19, 2020 issued by RBI, we further report on the matters specified in paragraph 2 of the aforesaid letter as under:

a) In our opinion,theaforesaid Financial Statements comply with the Accounting Standards issued by ICAI, to the extent they are not inconsistent with the accounting policies prescribed by the RBI.

b) There are no observations or comments on financial transactions or matters which have any adverse effect on the functioning of the bank.

c) On the basis of the written representations received from the directors as on 31^st March, 2021, none of the directors is disqualified as on 31^st March, 2021 from being appointed as a director in terms of Section 164 (2) of the Companies Act, 2013.

d) There are no qualifications, reservations or adverse remarks relating to maintenance of accounts and other matters connected therewith.

e) Our audit report on the adequacy and operating effectiveness of the Bank''s Internal Financial Controls over Financial Reporting as required by the RBI Letter DOS.ARG.No.6270 / 08.91.001/ 2019-20 dated March 17, 2020 (as amended) is given in Annexure A to this report. Our report expresses an unmodified opinion on the Bank''s Internal Financial Controls over Financial Reporting as at 31^st March, 2021.

14. We further report that:

a) In our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us.

b) The Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flows dealt with by this report are in agreement with the books of accounts and with the returns received from the branches not visited by us;

c) The reports on the accounts of the branch offices audited by branch auditors of the Bank under section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report;and

d) In our opinion, the Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flows comply with the applicable accounting standards, to the extent they are not inconsistent with the accounting policies prescribed by RBI.

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Mar 31, 2019

Report on Audit of the Standalone Financial Statements Opinion

1. We have audited the accompanying standalone financial statements of Canara Bank (‘the Bank’), which comprise the Balance Sheet as at 31 March 2019, the Profit and Loss Account and the Statement of Cash Flows for the year then ended, and notes to financial statements including a summary of significant accounting policies and other explanatory information in which are included returns for the year ended on that date of 20 branches audited by us and 3857 branches audited by statutory branch auditors. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also included in the Balance Sheet, the Profit and Loss Account and Statement of Cash Flows are the returns from 2439 branches which have not been subjected to audit. These unaudited branches account for 4.81 percent of advances, 14.93 per cent of deposits, 3.80 per cent of interest income and 15.11 per cent of interest expenses.

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Banking Regulation Act, 1949 in the manner so required for bank and are in conformity with accounting principles generally accepted in India and give a true and fair view:

a. In case of the Balance sheet, of the state of affairs of the Bank as at 31^st March, 2019;

b. In case of Profit and loss account, of the profit for the year ended on that date; and

c. In case of statement of cash flows, of its cash flows for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SA’s) issued by the Institute of Chartered Accountants of India (ICAI). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Bank in accordance with the code of ethics issued by the Institute of Chartered Accountants of India together with ethical requirements that are relevant to our audit of the financial statements in India, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s code of ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on financial statements.

Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment, were ofmost significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a seperate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Sl. No.	Key Audit Matter	Auditor’s Response to Key Audit Matter
1	Adequacy of classification	Principal Audit Procedures:
	and provisions in respect	We assessed the Bank’s
	of Advances.	system in place to identify
	Advances are classified	and provide for non
	as performing and non	performing assets. Our audit approach
	performing assets in	r r consisted testing of the
	accordance with the	design and operating
	prudential norms issued	effectiveness of the internal
	by RBI. The bank has	controls and substantive
	a system of auto	testing as follows:
	classification of advances	- Reviewed the design,
	as NPA in accordance	implementation and
	with the RBI Guidelines.	operating effectiveness
	However the identification	of the Bank’s General IT
	of NPA and creation of	controls over the key IT
		systems for the purpose
	provision on such advances	of identification of non
	also involves key judgments	performing assets and
	relating to performance of	provisioning thereon.
	borrowers, determination	- Tested the relevant
	of security value, sources of	information technology
	repayment, application of	systems used in
	regulatory conditions, etc.	identification and
	Accordingly, our audit was	making provision for such NPA as per the RBI
	focused on income recog	Guidelines including
	nition, asset classification	involvement of manual
	and provisioning pertain	process and manual
	ing to advances due to in	controls in relation to
	volvement of management	income recognition,
	judgment and considering	asset classification and
	the materiality of the bal- anrpc	provisioning pertaining to advances.
	ances.	- Evaluated and tested the management estimates and judgments for the purpose of identification of NPA and adequacy of provision required as per RBI’s Prudential Norms. - Considered branch audit reports for identification and provisioning for nonperforming assets. - Ensured exceptions noticed during our audit procedures are duly corrected.

2	Assessment of Deferred	Principal Audit Procedures
	tax assets recognized by	performed:
	the bank on carryforward	- Considered the taxable
	of losses.	profits of the bank
	Deferred tax assets on	and taxes paid in the
	unabsorbed depreciation	past, obtained details
	or carry forward of losses	of carry forward losses
	are to be recognized only	under income tax and
	when there is a virtual	details of estimates of
	certainty supported by	taxable incomes for
	convincing evidence that	future periods without
	sufficient future taxable	considering further
	income will be available	capital infusion, of
	against which such	restructuring and
	deferred tax assets can be	without considering expected recoveries
	realised. Determination
		from assets where
	of virtual certainty is a	resolution proceedings
	matter of judgment based on convincing evidence.	are underway. - Tested the period over
	Considering the involve	which the deferred
	ment of manage ment’s	tax assets on such
	estimation and judgment	unabsorbed losses
	in determining virtual	would be recovered
	certainty of sufficient	against future taxable
	future taxable income	income.
	being available this matter	- Tested the manage
	has been determined as a	ment’s under lying
	key audit matter.	assumptions and judgm
	Refer Para 5.6 of Schedule	ents in estimating the
	18 to the Standalone	future taxable incomes
	Financial Statements.	against which such unabsorbed losses would be recovered. - We have reviewed past income tax assessment orders, unresolved tax issues and their current status under litigation, based on our understanding on the likely outcome of the issues on the dispute and the amount of allowable carry forward losses.

3

Key Information technology (IT) systems (Flex Cube - Oracle based) used in financial reporting process. The Bank’s operational and financial processes are dependent on IT systems due to large volume of transactions that are processed on daily basis and hence considered as a key audit matter.

Principal Audit Procedures: We conducted an assessment and identified key IT applications, databases and operating systems that are relevant to our audit and have identified CBS and Flexcube Treasury System primarily as relevant for financial reporting. Our audit approach consisted testing of the design and operating effectiveness of the internal controls as follows: - Obtained an understanding of the Bank’s IT control environment and IT policies during the audit period. - Reviewed the design, implementation and operating effectiveness of the Bank’s basic IT controls including application, access controls that are critical to financial reporting. - Reviewed the IS Audit Reports and discussed with IS Wing on compliance to key IS Controls. - Tested key automated and business cycle controls and logic for system generated reports relevant to the audit on test check basis.

Information other than the Financial Statements and Auditor’s Report thereon

5. The Bank’s Board of Directors is responsible for the other information. The other information comprises the Pillar III Disclosures under the New Capital Adequacy Framework (BASEL III Disclosures) (but does not include the financial statements and our Auditor’s Report thereon), which we obtained prior to the date of this Auditor’s Report, and the Corporate Governance Report, Directors Report, which is expected to be made available to us after the date of our auditor’s report.

Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements of our knowledge obtained during the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed on the other information that we obtained prior to the date of this auditors report, we conclude there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

6. The Bank’s Board of Directors is responsible with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank in accordance with the accounting principles generally accepted in India, including the Accounting Standards issued by ICAI, and provisions of Section 29 of the Banking Regulation Act, 1949 and circulars and guidelines issued by the Reserve Bank of India (‘RBI’) from time to time. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Bank’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements

7. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

- Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the bank’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the bank to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter

8. We did not audit the financial statements / information of 3857 branches included in the standalone financial statements of the Bank whose financial statements / financial information reflect total advances of Rs.2,59,839.27 Crs as at 31^st March 2019 and total revenue of Rs.22,204.30 Crs for the year ended on that date, as considered in the standalone financial statements. The financial statements / information of these branches have been audited by the branch auditors whose reports have been furnished to us, and in our opinion in so far as it relates to the amounts and disclosures included in respect of branches, are based solely on the report of such branch auditors.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

9. The Balance Sheet and the Profit and Loss Account have been drawn up in accordance with Section 29 of the Banking Regulation Act, 1949;

10. Subject to the limitations of the audit indicated in paragraphs 5 to 7 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 / 1980, and subject also to the limitations of disclosure required therein, we report that:

a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory;

b) The transactions of the Bank, which have come to our notice, have been within the powers of the Bank; and

c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

11. We further report that:

a) in our opinion, proper books of account as required by law have been kept by the Bank so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us.

b) the Balance Sheet, the Profit and Loss Account and the Statement of Cash Flows dealt with by this report are in agreement with the books of account and with the returns received from the branches not visited by us;

c) the reports on the accounts of the branch offices audited by branch auditors of the Bank under section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report; and

d) In our opinion, the Balance Sheet, the Profit and Loss Account and the Statement of Cash Flows comply with the applicable accounting standards, to the extent they are not inconsistent with the accounting policies prescribed by RBI.

For Dagliya and Co. For Komandoor & Co LLP.

Chartered Accountants Chartered Accountants

FRN.000671S FRN. 001420S/S200034

(P Manohara Gupta) (T. Nagendranadh)

Partner Partner

Membership Number 016444 Membership Number 226246

For D. K. Chhajer & Co. For S N K & Co.

Chartered Accountants Chartered Accountants

FRN. 304138E FRN. 109176W

(Niraj K Jhunjhunwala) (Ankit D Danawala)

Partner Partner

Membership Number 057170 Membership Number 119972

Place : Bengaluru

Date : May 10, 2019

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Mar 31, 2018

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of Canara Bank as at 31st March, 2018, which comprise the standalone Balance Sheet as at 31st March, 2018, Standalone Profit and Loss Account, the Standalone Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us, 3661 branches audited by statutory branch auditors and 7 foreign branches audited by local auditors in respective countries. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Standalone Balance Sheet and the Standalone Profit and Loss Account are the returns from 2523 branches which have not been subjected to audit. These unaudited branches account for 4.87 per cent of advances, 16.72 per cent of deposits, 3.64 per cent of interest income and 16.30 per cent of interest expenses.

Management’s Responsibility for the Standalone Financial Statements

2. The bank’s management is responsible for the preparation of these Standalone financial statements in accordance with the Banking Regulation Act 1949, Reserve Bank of India guidelines issued from time to time and Accounting Standards generally accepted in India. This responsibility of the Management includes design, implementation and maintenance of internal control relevant to the preparation of the Standalone Financial Statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on these Standalone financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the standalone financial statements are free from material misstatements.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank’s preparation and fair presentation of the Standalone financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion, as shown by the books of the Bank, and to the best of our information and according to the explanations given to us:

I. The Standalone Balance sheet, read with the significant accounting policies and the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31st March, 2018 in conformity with accounting principles generally accepted in India;

II. The Standalone Profit and Loss Account, read with the significant accounting policies and the notes thereon shows a true balance of loss, in conformity with accounting principles generally accepted in India, for the year covered by the account; and

III. The Standalone Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. The Standalone Balance Sheet and the Profit and Loss Account have been drawn up in Forms “A” and “B” respectively of the Third Schedule to the Banking Regulation Act, 1949.

8. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 / 1980 and also subject to the limitations of disclosure required therein, we report that;

a) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory;

b) The transactions of the Bank, which have come to our notice have been within the powers of the Bank;

c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit;

9. We further report that:

a) The Standalone Balance Sheet and the Standalone Profit & Loss Account dealt with by this report are in agreement with the books of account and returns;

b) The report on the accounts of the Branch/Offices audited by the branch auditors of the Bank under Section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report;

c) In our opinion, the Standalone Balance Sheet, Profit & Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

J Singh & Associates J L Sengupta & Co.

Chartered Accountants Chartered Accountants

FRN : 110266W FRN : 307092E

(J Singh) (S Mandal)

Partner Partner

Membership No 042023 Membership No 068309

Dagliya & Co. Komandoor & Co LLP

Chartered Accountants Chartered Accountants

FRN :000671S FRN : 001420S/ S200034

(P Manohara Gupta) (K Mohan Acharya)

Partner Partner

Membership No 016444 Membership No 029082

Place : Bengaluru

Date : May 11, 2018

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Mar 31, 2017

INDEPENDENT AUDITORS’ REPORT

To,

The Members of Canara Bank

Report on the Financial Statements

1. We have audited the accompanying financial statements of Canara Bank as on 31st March, 2017, which comprise the Balance Sheet as at 31st March, 2017, Profit and Loss Account, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us, 3234 branches audited by statutory branch auditors and 7 foreign branches audited by local auditors in respective countries. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 2821 branches which have not been subjected to audit. These unaudited branches account for 5.24 per cent of advances, 15.39 per cent of deposits, 5.00 per cent of interest income and 14.95 per cent of interest expenses.

Management’s Responsibility for the Financial

Statements

2. The bank''s management is responsible for the preparation of these financial statements in accordance with the Banking Regulation Act 1949, Reserve Bank of India guidelines issued from time to time and Accounting Standards generally accepted in India. This responsibility of the Management includes design, implementation and maintenance of internal control relevant to the preparation of the Financial Statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion, as shown by the books of the Bank, and to the best of our information and according to the explanations given to us:

I. The Balance sheet, read with the significant accounting policies and the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31st March, 2017 in conformity with accounting principles generally accepted in India;

II. The Profit and Loss Account, read with the significant accounting policies and the notes thereon shows a true balance of profit, in conformity with accounting principles generally accepted in India, for the year covered by the account; and

III. The Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

7. The Balance Sheet and the Profit and Loss Account have been drawn up in Forms “A” and “B” respectively of the Third Schedule to the Banking Regulation Act, 1949.

8. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 / 1980 and also subject to the limitations of disclosure required therein, we report that;

a) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory;

b) The transactions of the Bank, which have come to our notice have been within the powers of the Bank;

c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit;

9. We further report that

a) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of account and returns;

b) The report on the accounts of the Branch / Offices audited by the branch auditors of the Bank under Section 29 of the Banking Regulation Act, 1949 have been sent to us and have been properly dealt with by us in preparing this report;

c) In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

For Ram Raj & Co. For V K Niranjan & Co.

Chartered Accountants Chartered Accountants

FRN:002839S FRN:002468S

G Venkateshwara Rao Jayarajan M

Partner Partner

Membership No. 024182 Membership No. 011105

For J Singh & Associates For J L Sengupta & Co.

Chartered Accountants Chartered Accountants

FRN:110266W FRN:307092E

J Singh S R Ananthakrishnan

Partner Partner

Membership No. 042023 Membership No. 018073

Place : Bengaluru

Dated : May 08, 2017

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Mar 31, 2015

Report on the Financial Statements

1. We have audited the accompanying financial statements of Canara Bank as on 31st March, 2015, which comprise the Balance Sheet as at 31st March, 2015, Profit and Loss Account, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us, 2671 branches audited by statutory branch auditors and 6 foreign branches audited by local auditors in respective countries. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 3116 branches which have not been subjected to audit. These unaudited branches account for 4.97 per cent of advances, 16.39 per cent of deposits, 4.18 per cent of interest income and 14.54 per cent of interest expenses.

Management''s Responsibility for the Financial Statements

2. The bank''s management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Bank in accordance with the Banking Regulati on Act 1949, Reserve Bank of India guidelines and recognized accounting policies and practices, including Accounting Standards issued by Institute of Chartered Accountants of India (ICAI), as applicable. This responsibility of the management includes maintenance of adequate accounting records in accordance with the provisions of applicable laws for safeguarding the assets of the Bank and for preventing and detecting frauds and other irregularities; the selection of and application of appropriate accounti ng policies; making judgments and estimates that are prudent; and the design, implementation and maintenance of internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, and risk management systems relevant to the preparation and presentation of the financial statements that give a true and fair view and free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of Financial Statements by the management of the Bank, as aforesaid.

In making those risk assessments, the management has implemented such internal controls that are relevant to the preparation of the financial statement and designed procedures that are appropriate in the circumstances so that the internal control with regard to all the activities of the Bank is effective.

Auditors'' Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion

6. In our opinion, as shown by the books of the Bank, and to the best of our information and according to the explanations given to us:

I. the Balance sheet, read with the significant accounting policies and the notes thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at 31st March, 2015 in conformity with accounting principles generally accepted in India;

II. the Profit and Loss Account, read with the significant accounting policies and the notes thereon shows a true balance of profit, in conformity with accounting principles generally accepted in India, for the year covered by the account; and

III. the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Emphasis of Matter

7. We draw attention to the Schedule 18: ''Notes to Accounts'' regarding:

I. Note 6.19 to the financial statement, which provide details of crediting Sundry Liability(Interest Capitalisation) on account of past period FITL directly from the Revenue Reserve as a onetime measure, as permitted by Reserve Bank of India vide their letter dated June 27, 2014.

II. Note 6.17 (a) and (b) to the financial statements, which provide details of identification and adjustment during the year regarding amortization of pension and gratuity liability as permitted by Reserve Bank of India vide their circular dated February 9, 2011.

III. Note 6.20 to the financial statements, which provide details of staggering of provision of Rs.801.07 crores for certain non-performing advances as permitted by Reserve Bank of India vide their letter dated May 15, 2015. Our opinion is not qualified in respect of the above stated matters.

Report on Other Legal and Regulatory Requirements

8. The Balance Sheet and the Profit and Loss Account have been drawn up in Forms "A" and "B" respectively of the Third Schedule to the Banking Regulation Act, 1949.

9. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980 and a subject also to the limitations of disclosure required therein, we report that;

a) We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory;

b) The transactions of the Bank, which have come to our notice have been within the powers of the Bank;

c) The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit;

10) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable accounting Standards.

For P. Chopra For A.R. Das For S. C. Vasudeva & Co. & Associates & Co. Chartered Accountants Chartered Accountants Chartered Accountants FRN :004957N FRN : 306109E FRN : 000235N

(Rakesh Jain) (Syamal Kumar Nayak) (Ashish Agarwal) Partner Partner Partner Membership No. Membership Membership 087925 No.051353 No.093790

For Vinay Kumar & Co. For Ram Raj & Co. For V K Niranjan & Co. Chartered Chartered Chartered Accountants Accountants Accountants FRN :000719C FRN : 002839S FRN : 002468S

(Vinay Kumar Agrawal) (K Siva Subramanya (Niranjan V K) Partner Prasad) Partner Membership Partner Membership No.013795 Membership No.021432 No.024456

Place: Bengaluru Date: 25th May, 2015

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Mar 31, 2014

1. We have audited the accompanying financial statements of Canara Bank as at March 31, 2014, which comprise the Balance Sheet as at March 31, 2014, the Profit and Loss Account and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information (Notes to Accounts). Incorporated in these financial statements are the returns of 20 branches audited by us, 2081 branches audited by branch auditors and 4 foreign branches audited by local auditors. The branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued to the Bank by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit and Loss Account are the returns from 2649 branches which have not been subjected to audit. These unaudited branches account for 5.76 percent of advances, 17.30 percent of deposits, 3.53 percent of interest income and 14.75 percent of interest expenses.

Management''s responsibility for the Financial Statements

2. Management is responsible for the preparation of these financial statements in accordance with the requirements of Reserve Bank of India, Banking Regulation Act, 1949 and applicable Accounting Standards. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Bank''s preparation and presentation of the financial statements that gives a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing opinion on the effectiveness on the Bank''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion, as shown by books of Bank, and to the best of our information and according to the explanations given to us:

(i) the Balance Sheet, read with the Notes to Accounts thereon is a full and fair Balance Sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of state of affairs of the Bank as at March 31, 2014 in conformity with accounting principles generally accepted in India;

(ii) the Profit and Loss Account, read with the Notes to Accounts thereon shows a true balance of profit, in conformity with accounting principles generally accepted in India, for the year covered by the account; and

(iii) the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to:

a. Note 6.4 to the financial statements, which describes the accounting treatment of the expenditure on creation of Deferred Tax Liability on Special Reserve under Section 36(1)(viii) of the Income-tax Act, 1961 as at March 31, 2013, pursuant to RBI''s Circular No. DBOD. No. BP. BC. 77 / 21.04.018 / 2013-14 dated December 20, 2013.

b. Note 6.15 to the financial statements, which provides details with regard to the identification and adjustment during the year of amortization of pension and gratuity liability as permitted by Reserve Bank of India vide their circular dated February 9, 2011.

c. Note 6.19 to the financial statements, which provides details with regard to the spreading the creation of Sundry Liability (Interest Capitalisation) on account of past period FITL as permitted by Reserve Bank of India vide their letter dated January 3, 2014.

Our opinion is not qualified in respect of these matters.

Report on Other Legal and Regulatory Requirements

7. The Balance Sheet and the Profit and Loss Account have been drawn up in Forms "A" and "B" respectively of the Third Schedule to the Banking Regulation Act, 1949.

8. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and subject also to the limitations of disclosure required therein, we report that:

a. We have obtained all the information and explanations which to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory.

b. The transactions of the Bank, which have come to our notice, have been within the powers of the Bank.

c. The returns received from the offices and branches of the Bank have been found adequate for the purposes of our audit.

9. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

For Loonker & Co. For P. Chopra & Co.

Chartered Accountants Chartered Accountants

Firm Registration No. 000172W Firm Registration No. 004957N

(Hrudyesh N. Pankhania) (Pradeep Kumar Chopra)

Partner Partner

Membership No. 138932 Membership No. 082598

For A.R. Das & Associates For S. C. Vasudeva & Co.

Chartered Accountants Chartered Accountants

Firm Registration No. 306109E Firm Registration No.000235N

(Syamal Kumar Nayak) (Sanjay Vasudeva)

Partner Partner

Membership No. 051353 Membership No.090989

For Vinay Kumar & Co. For Ford Rhodes Parks & Co.

Chartered Accountants Chartered Accountants

Firm Registration No.000719C Firm Registration No. 102860W

(Nikhil Singhal) (A.D. Shenoy)

Partner Partner

Membership No. 079557 Membership No. 011549

Bangalore

May 05, 2014

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Mar 31, 2012

1. We have audited the accompanying financial statements of Canara Bank as at 31st March 2012, which comprise the Balance Sheet as at 31st March 2012, Profit & Loss Account and the Cash Flow Statement for the year then ended, significant Accounting Policies and other explanatory information. Incorporated in these financial statements are the returns of 20 branches audited by us, 2660 branches audited by Branch Auditors and 4 foreign branches audited by local auditors. The Branches audited by us and those audited by other auditors have been selected by the Bank in accordance with the guidelines issued by the Reserve Bank of India. Also incorporated in the Balance Sheet and the statement of Profit & Loss Account are the returns from 915 Branches, which have not been subjected to audit. These unaudited branches account for 1.16 per cent of advances, 6.05 per cent of deposits, 0.90 per cent of interest income and 5.00 percent of interest expenses.

Management's responsibility for the Financial Statements:

2. Management is responsible for the preparation of these financial statements in accordance with the Banking Regulation Act, 1949. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financial statements that are free from material misstatements, whether due to fraud or error.

Auditor's Responsibility:

3. Our responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance with the Standards on auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the bank's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion:

6. In our opinion, as shown by the books of the bank, and to the best of our information and according to the explanations given to us:

(i) the Balance Sheet read together with the accounting policies and the notes thereon, is a full and fair balance sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at March 31, 2012, in conformity with the accounting principles generally accepted in India;

(ii) the Profit & Loss Account together with the accounting policies and the notes thereon shows a true balance of profit, in conformity with the accounting principles generally accepted in India, for the year covered by the account; and

(iii) the Cash Flow Statement gives a true and fair view of the cash flows For the year ended on that date

Report on Other Legal and Regulatory Requirements:

7. The Balance Sheet and the Profit & Loss Account have been drawn up in Forms "A" and "B" respectively of the Third Schedule to the Banking Regulations Act, 1949.

8. Subject to the limitations of the audit indicated in paragraph 1 to 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and also subject to the limitations of disclosure required therein, we report that:

a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit and have found them to be satisfactory.

b. The transactions of the Bank, which have come to our notice, have been within the powers of the Bank.

c. The returns received from the Offices and Branches of the Bank have been found adequate for the purposes of our audit.

9. In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

For S Bhandari&Co. For Manubhai & Co. Chartered Accountants Chartered Accountants

Firm Registration No.000560C Firm Registration No,106041W

PD Baid Hitesh M Pomal

Partner Partner

Member ship No.072625 Member ship No. 106137

For RK Kumar&Co. For Nandy Halder & Ganguli

Chartered Accountants Chartered Accountants

Firm Registration No.001595S Firm Registration No.302017E

CR Sundararajan RP Nandy

Partner Partner

MembershipNo.025400 MembershipNo.051027

ForHKChaudhry&Co. ForK. VenkatachalamAiyer&Co.

Chartered Accountants Chartered Accountants

Firm Registration No.006154N FirmRegistrationNo.004610S

InderjitSoni A Gopalakrishnan

Partner Partner

Membership No.088694 MernbershipNo.018159

BANGALORE

MAY 10, 2012

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Mar 31, 2011

1. We have audited the accompanying financia statements of Canara Bank as at 31st March 2011, which comprise the Balance Sheet as at 31st March 2011, Profit & Loss Account and the Cash Flow Statement for the year then ended, significant Accounting Policies and other explanatory information. Incorporated in these financia statements are the returns of 20 branches audited by us, 2716 branches audited by Branch Auditors and 4 foreign branches audited by local auditors. The Branches audited by us and those audited by other auditors have been selected bythe Bank in accordance with the guidelines issued by the Reserve Bank of india. Also incorporated in the Balance Sheet and the statement of Profit & Loss are the returns from 521 Branches, which have not been subjected to audit. These unaudited branches account for 0.37 per cent of advances, 1.61 per cent of deposits, 0.16 per cent of interest income and 1.20 per cent of interest expenses.

Managements Responsibility for the Financial Statements:

2. Management is responsible for the preparation of these financial statements in accordance with the Banking Regulation Act, 1949. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation of the financia I statements that a re free from material misstatement, whether due to fraud or error.

Auditors Responsibility:

3. Our responsibility is to express an opinion on these Financial Statements based on our audit. We conducted our audit in accordance with the Standards on auditing issued by the Institute of Chartered Accountants of India. Those Standards requirethatwe comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the financial statements arefreefrom material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the banks preparation and fair presentation of the financia statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.

Emphasis of Matter:

6. Without qualifying our opinion, we draw attention to Note No.5.3 to the Schedule 18 of the financia statements, which describes deferment of pension and gratuity liability of the Bank to the extent of Rs.2026.48 Crore pursuant to the exemption granted bythe Reserve Bankof India to the Public Sector Banks from the application of the provisions of Accounting Standard (AS) 15, Employee Benefits, vide its circular No. DBOD. BP. BC/80/21.04.018/2010-11 dated 09.02.2011 on Re-opening of Pension Option to Employees of Public Sector Banks and Enhancement in Gratuity Limits-Prudential Regulatory Treatment.

Opinion:

7. In our opinion, as shown bythe books of the bank, and to the best of our information and according to the explanations given to us:

(i) the Balance Sheet read together with the Accounting Policies and the Notes thereon, is a full and fair balance sheet containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at March 31, 2011, in conformity with the accounting principles generally accepted in India;

(ii) the Profit & Loss Account read together with the Accounting Policies and Notes thereon shows a true balance of profit, in conformity with the accounting principles generally accepted in India, fortheyearcovered bythe account; and

(iii) the Cash Flow Statement gives a true and fair view of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements:

8. The Balance Sheet and the Profit &t Loss Account have been drawn up in Forms "A" a nd "B" respectively of the Third Schedule to the Ban king Regulations Act, 1949.

9. Subject to the limitations of the audit indicated in paragraph lto 5 above and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and subject also to the limitations of disclosure required therein, we reportthat:

a. We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessaryforthe purposes of our auditand havefoundthemto be satisfactory.

b. The transactions of the Bank, which have come to our notice, have been within the powers of the Bank.

c. The returns received from the Offices and Branches of the Bank have been found adequate forthe purposes of ouraudit.

10. In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

For S Bhandari & Co. For Manubhai &Co.

Chartered Accountants Chartered Accountants

Firm Registration No.000560C Firm Registration No,106041W

SS Bhandari Hitesh M Pomal

Partner Partner

Membership No.011332 Membership No. 106137

For R K Kumar & Co. For Nandy Haider & Ganguli

Chartered Accountants Chartered Accountants

Firm Registration No.001595S Firm Registration No.302017E

C RSundararajan Partha S Chanda

Partner Partner

Membership No.025400 Membership No.056653

For H KChaudhry &Co. For K. Venkatachalam Aiyer &Co.

Chartered Accountants Chartered Accountants

Firm Registration No.006154N Firm Registration No.004610S

Monish Baweja K Narayanan

Partner Partner

Membership No.087384 Membership No.007024

BANGALORE MAY 05, 2011

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Mar 31, 2010

1. We have audited the attached Balance Sheet of Canara Bank as at 31st March 2010 and also the Profit & Loss Account and the Cash Flow Statement annexed thereto for the year ended on that date in which are incorporated the returns of 20 Indian Branches audited by us, 2569 other Indian branches audited by Branch Auditors and 3 Foreign Branches audited by the Overseas Auditors. The Branches audited by us and those audited by other auditors have been selected bythe Bank in accordance with the guidelines issued by the Reserve Bank of India. Also incorporated in the Balance Sheet and the Profit & Loss Account are the returns from 454 Branches, which have not been subjected to audit. These unaudited branches account for 0.52 per cent of advances, 2.75 per cent of deposits, 0.45 per cent of interest income and 2.82 per cent of interest expenses. These financial statements are the responsibility of the Banks Management. Our responsibility is to express an opinion on these Financial Statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessingthe accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basisforouropinion.

3. The Balance Sheet and the Profit & Loss Account have been drawn up in Forms "A" and "B" respectively of the Third Schedule to the Banking Regulations Act, 1949.

4. Subject to the limitations of the audit indicated in paragraph 1 above, and as required by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and also subject to the limitations of disclosure required therein, we report that:

a. We have obtained all the information and explanations, which to the best of our knowledge and belief, were necessary for the purposes of our audit and have found them to be satisfactory.

b. ThetransactionsoftheBank, which havecometo our notice, have been within the powers of the Bank.

c. The returns received from the Offices and Branches of the Bank have been found adequate forthe purposes of ouraudit.

5. In our opinion, the Balance Sheet, Profit & Loss Account and Cash Flow Statement comply with the applicable Accounting Standards.

6. Inouropinion, as shown bythe books of the Bank, and to the best of our information and according to the explanations given to us:

(i) The Balance Sheet is a full and fair Balance Sheet read together with Accounting Policies and Notes on Accounts containing all the necessary particulars, is properly drawn up so as to exhibit a true and fair view of the state of affairs of the Bank as at 31st March 2010;

(ii) The Profit & Loss Account read together with Accounting Policies and Notes on Accounts shows a true balance of Profit for the year ended on that date; and

(iii) The Cash Flow Statement gives a true and fair view of the cash flow for the year covered bythe statement.

For M Anandam & Co.

Chartered Accountants Firm

Registration No.000125S

AVS adasiva

Partner

Membership No.18404

For S Bhandari & Co.

Chartered Accountants Firm

Registration No.000560C

P D Baid

Partner

Membership No. 72625

For R K Kumar & Co.

Chartered Accountants

Firm Registration No.0015955

BRAshok

Partner Membership No.23313

For N Sankaran & Co.

Chartered Accountants Firm Registration NO.003590S

B Chandrasekhar

Partner Membership No.16616

For Manubhai &Co.

Chartered Accountants Firm Registration NO.106041W

Kshitij M Patel

Partner

Membership No. 45740

For Nandy Haider & Ganguli

Chartered Accountants Firm Registration No.302017E

Amp Haider

Partner Membership No.7144

BANGALORE APRIL 28, 2010