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Canara Bank pays dividend to Govt

BANGALORE: Canara Bank has paid a dividend of Rs 55.05 crore to the Union Government, being the latter's entitlement from the profit earnings of the bank.

The amount represents 20 per cent of the net profit made by the bank for 2000-01. It earned a profit of Rs 285 crore on a total business exceeding Rs 86,900 crore with the operating profit of Rs 1,131 crore and foreign business turnover of Rs 61,119 cror e.

The Chairman and Managing Director of the bank, Mr R.V. Shastri, handed over the cheque of the dividend amount to the Union Finance Minister, Mr Yashwant Sinha, recently. -- Our Bureau