Canara Bank posts ₹4,860 cr loss in Q4
circular, the accounts were classified as non-performing assets (NPAS).
MUMBAI: State-owned Canara Provisions and contingencies Bank on Friday reported a loss in the March quarter rose 235% for the fourth quarter (Q4) on year-on-year to ₹9,075 crore. In account of higher provisions to the December quarter, provicover bad loans. sions were ₹2,674 crore.
Canara Bank reported a net Gross bad loans increased to loss of ₹4,859.8 crore for the three ₹47,468 crore as on March 31 from months ended March 31, as com₹40,312 crore in the preceding pared to a net profit of ₹214 crore quarter and ₹34,202 crore a year in the year-ago period. Nine anaago. lysts polled by had As a percentage of total loans, expected a net loss of ₹698 crore. gross NPAS stood at 11.84% from
Lenders have reported a rise in 9.63% a year ago. Canara Bank provisions for non-performing also reported divergence in the loans as a fallout of the Reserve reporting of gross bad loans for Bank of India’s (RBI’S) February FY17. It said gross NPAS reported 12 circular, whereby the regulaas on 31 March 2017 were ₹3,248.5 tor withdrew a host of restructurcrore lower than RBI’S assessing schemes and set a 180-day ment. timeline for resolving stressed On Friday, Dena Bank, UCO loans. Bank and Allahabad Bank also
Canara Bank said since the reported a cumulative loss of benefits available to loans under ₹6,869 crore for Q4. All three lenthe restructuring scheme were ders are under RBI’S prompt correvoked as per the revised RBI rective action.
theweekendreview