Canara Bank posts $723 million fourth-quarter loss

Share

The bank has also chose to start unsecured lending including growing its Rs 400-crore personal loan book and also venture into credit cards, he said.

The public lender on Thursday, reported a standalone net loss of Rs. 2,583 crore for the March quarter as against a net profit of Rs.108 crore in the same period past year, with higher provisions, contingencies and loss in investment hurting profitability.

Mumbai: State-owned Canara Bank on Friday reported a loss for the fourth quarter (Q4) on account of higher provisions to cover bad loans.

The bank made a provision of Rs 5,126 crore for bad assets against Rs 1,489.88 crore in the corresponding quarter previous year.

The lender's board also approved its capital raising plan up to Rs 3,000 crore in 2018-19.

Asset-wise, there was fall in quality as gross non-performing assets (NPAs) rose to 11.84 per cent of gross advances by the end of March 2018 from 9.63 per cent by end-March 2017. It said gross NPAs as of 31 March 2017 were Rs3,248.5 crore lower than the RBI's assessment.

Amitabh Bachchan's epic reaction after watching Avengers: Infinity War
For those who are yet to come to terms with the climax of Avengers: Infinity War , here's some news - both good and bad. It's a mode that will enable players to scavenge the map for an Infinity Gauntlet with all six Infinity Stones .

Dena Bank's total income in the fourth quarter of last fiscal also came down to Rs 2,390.68 crore from Rs 2,612.08 crore in the year-ago period.

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.

Gross bad loans had increased to Rs47,468 crore as of 31 March from Rs40,312 crore in the preceding quarter and Rs34,202 crore a year ago.

The bank is all set to announce an investment into its non-bank lending subsidiary Fed Fina whose book stands at Rs 1,450 crore, he said, elaborating that the infusion and a new management will help it focus on the retail segment.

The bank reported loss on annual basis as well, the third year in a row due to ballooning non- performing assets (NPAs).

Share