Canara Bank posts 4860 crore fourth quarter loss

Canara Bank posts 4860 crore fourth quarter loss

The third straight quarterly net loss for the Mumbai-headquartered bank was higher than analysts' forecast for a 11.37 billion rupees loss in the three months to March 31, and compared with a 1.08 billion rupees net profit a year ago. Provision for non-performing assets nearly tripled to ₹8,762.57 crore from ₹2,924.08 crore, according to a filing.

India's banks, already burdened by a near-record 9.5 trillion rupees of soured loans as of a year ago, have been expected to report a further rise in bad loans in the March quarter after the Reserve Bank of India withdrew half a dozen loan restructuring schemes to hasten a clean-up exercise.

For whole 2017-18, the bank suffered a net loss of Rs 4,222.24 crore compared with a net profit of Rs 1,121.92 crore in the previous fiscal.

The bank had made a net loss of Rs 1,218.01 crore during the corresponding quarter of the preceding fiscal ended March 2017. In absolute value, the gross NPAs were at Rs 47,468.47 crore from Rs 34,202.04 crore.

The bank raised its provisioning for NPAs to Rs 8,762.57 crore during the January-March quarter up from Rs 2,924.08 crore in the same period of previous fiscal.

Union Bank of India dropped about 5 per cent intraday on Friday to Rs. 83.25 per share, their lowest since July 26, 2006 on the back of net loss of Q4FY18. In the October-December quarter, the gross NPA ratio of the bank was 14.38 per cent representing a further widening on a sequential basis. The divergence in the gross NPAs for 2016-17 stood at Rs967.90 crore.

Without naming anyone, Oriental Bank of Commerce said, in respect of two gems and jewellery borrower group, where fraud was declared by some banks, the bank has fully provided for the entire funded exposure.

In 2016-17, it had reported a net loss of Rs 863.63 crore; in 2015-16, it Rs 935.32 crore.

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