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Canara Bank Posts Rs 4,860 Crore Loss In Q4

Canara Bank's provisions for non-performing assets almost tripled to Rs 8,763 crore.

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Canara Bank Posts Rs 4,860 Crore Loss In Q4

Canara Bank's gross bad loans as a percentage of total loans rose to 11.84% at end-March


State-run Canara Bank Ltd reported a Rs 4,860 crore ($722.57 million) fourth-quarter net loss after a surge in provisions for bad loans.

The loss for the three months to March 31 compared with a net profit of Rs 214 crore rupees a year ago, the bank said in a statement.

Indian banks, already burdened by a near-record Rs 9.5 lakh crore of soured loans as of last year, are expected to report a further rise in bad loans in the March quarter after a central bank withdrew half a dozen loan-restructuring schemes and tightened some rules in February.

Canara Bank's gross non-performing loans as a percentage of total loans rose to 11.84 per cent at end-March, compared with 10.38 per cent in the preceding quarter and 9.63 per cent a year ago.

Provisions for non-performing assets almost tripled from a year earlier to Rs 8,763 crore.

Dena Bank, a smaller state-run lender which also reported on Friday, saw its fourth-quarter net loss widening to Rs 1,225 crore and bad loans rising.

Union Bank of India, also state-run, reported on Thursday a Rs 2,583 crore net loss for the fourth quarter.

Ahead of the results, Canara Bank shares closed 0.8 per cent lower in a Mumbai market that rose 0.8 per cent.
© Thomson Reuters 2018


(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)


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