AUDITORS REPORT ON THE CONSOLIDATED FINANCIAL

STATEMENTS OF CANARA BANK, ITS SUBSIDIARIES, JOINT

VENTURE AND ASSOCIATES
FOR THE YEAR ENDED 31
ST
MARCH 2008
To
Th P!"#$%& o' I%$#(
We have examined the attached Consolidated Balance Sheet of Canara
Bank, its Subsidiaries, Joint Venture and Associates )&h B(%*+ as at 31
st
March !!", the Consolidated #ro$t and %oss Account and the
Consolidated Cash &lo' Statement for the (ear then ended annexed
thereto in 'hich are incor)orated the accounts of Canara Bank audited b(
us, * Subsidiaries +of 'hich , audited b( other auditors and 1 unaudited-,
, Associates +of 'hich 1 audited b( other auditors and . unaudited- and 1
Joint Venture +audited statements for the (ear ended 31/1/!!*-/ 0hese
$nancial statements are the res)onsibilit( of the Bank1s mana2ement/
3ur res)onsibilit( is to ex)ress an o)inion on these $nancial statements
based on our audit/
We conducted our audit in accordance 'ith 2enerall( acce)ted auditin2
standards in 4ndia/ 0hese Standards re5uire that 'e )lan and )erform the
audit to obtain reasonable assurance 'hether the $nancial statements are
)re)ared, in all material res)ects, in accordance 'ith an identi$ed
$nancial re)ortin2 frame'ork and are free of material misstatements/ An
audit includes, examinin2 on a test basis, evidence su))ortin2 the
amounts and disclosures in the $nancial statements/ An audit also
includes assessin2 the accountin2 )rinci)les used and si2ni$cant
estimates made b( mana2ement, as 'ell as evaluatin2 the overall
$nancial statements/ We believe that our audit )rovides a reasonable
basis for our o)inion/
We have considered the audited $nancial statement of the Joint Venture
for incor)oration on #ro)ortionate Consolidation Method/

We have also considered the $nancial statements of , Associates for
incor)oratin2 the 4nvestment value of Canara Bank in Associates under
65uit( Method/
We re)ort that the Consolidated &inancial Statements have been )re)ared
b( Canara Bank in accordance 'ith the re5uirements of the Accountin2
Standards issued b( the 4nstitute of Chartered Accountants of 4ndia, the
re5uirements of the 7eserve Bank of 4ndia and on the basis of the
se)arate $nancial statements of Canara Bank, its Subsidiaries, Joint
Venture and Associates included in the consolidated $nancial statements,
audited or unaudited, as a))licable/
Page 2 of 2
3n the basis of the information and ex)lanations 2iven
to us and on the consideration of the se)arate audit re)orts on
individual audited $nancial statements of Canara Bank and its
Subsidiaries, Joint Venture and Associates and read 'ith the Accountin2
#olicies and 8otes on Accounts, 'e are of the o)inion that9
+i- the Consolidated Balance Sheet 2ives a true and fair vie' of the
consolidated state of a:airs of &h B(%* as at 31
st
March, !!";
+ii- the Consolidated #ro$t and %oss Account 2ives a true and fair vie'
of the consolidated results of o)erations of &h B(%* for the (ear
then ended; and
+iii- 0he Consolidated Cash &lo' Statement 2ives a true and fair vie' of
the cash <o's of &h B(%* for the )eriod covered b( the statement/
Fo! S N M,*h!-# . Co/
Fo! D Ch(*!(0o!&1 .
S%
Fo! S(&1(%(!(1(%( . Co/
Ch(!&!$ A22o,%&(%&" Ch(!&!$ A22o,%&(%&" Ch(!&!$ A22o,%&(%&"
S,$#3 K M,*h!-# M K M,*ho3($h(1( Ch/ S"h(4#!# R(o
P(!&%! P(!&%! P(!&%!
M50!"h#3 No/13321 M50!"h#3 No/6037 M50!"h#3 No/18823
Fo! P(!(*h . Co/ Fo! M A%(%$(5 . Co/ Fo! N S(%*(!(% . Co/
Ch(!&!$ A22o,%&(%&" Ch(!&!$ A22o,%&(%&" Ch(!&!$ A22o,%&(%&"
V#"h%, D,&& M(%&!# A V S($("#9( B Ch(%$!("*h(!
P(!&%! P(!&%! P(!&%!
M50!"h#3 No/7:678 M50!"h#3 No/18:0: M50!"h#3 No/16616
B(%4(;o!
A3!#; 26, 2008