CRISIL ''AAA'' for Canara Bank Bonds

Canara Bank has a market share of over 5 per cent each in deposits, advances and assets of all scheduled commercial banks, as well as a pan-India presence with over 2,500 branches, giving it a strong retail deposit base. It also has an overseas branch in London, a wholly owned subsidiary in Hong Kong to accept deposits and undertake trade-financing activities and a banking company in Russia in partnership with SBI. As at March 31, 2004, Canara Bank had an asset base of Rs995.39 billion and a deposit base of Rs863.44 billion. It reported a net profit (PAT) of Rs13.38 billion in FY04 and Rs10.07 billion in the first nine months of FY05.

Outlook: The GoI will continue to support all public sector banks. CRISIL also believes that Canara Bank will maintain its strong market position and that its financial and business risk profile will be maintained at levels that will sustain the current rating.