Canara Bank posts net loss of Rs 4,859.77 cr in Q4

Sarkaritel
By Sarkaritel May 11, 2018 11:15


Mumbai, May 11  State-run Canara Bank on Friday posted a net loss of Rs 4,859.77 crore in the quarter ended March 31, 2018 due to nearly 200 per cent jump in provisioning for non-performing assets along with fall in total income.

It had posted a net profit of Rs 214.18 crore in the corresponding quarter of previous year.

The bank’s total income, in the quarter under review, fell by about 10 per cent to Rs 11,555.11 crore from Rs 12,889.20 crore in the year-ago period.

Its provisions (other than tax) and contingencies during the March quarter stood at Rs 9,075.04 crore, up by a whopping 235 per cent from Rs 2,708.74 crore in the year-ago period.

The lender said its provisions for bad assets was at Rs 8,762.57 crore at the end of March 31, 2018 as against Rs 2,924.08 crore in the year-ago.

It also said the government’s holding at the end of the 2017-18, was 72.55 per cent, up from 66.30 per cent by end of the previous year, after the Central government recapitalised it. Its capital adequacy ratio improved to 13.22 per cent.

It also reported that its gross non-performing assets went up to Rs 47,468.47 crore as on March 31, 2018, up by 39 per cent from Rs 34,202.04 crore in the year-ago.

Non-performing assets as a percentage of total advances stood at 11.84 per cent at the of March quarter from 9.63 per cent in same period last year.

Its net non-performing assets were at Rs 28,542.4 crore at the end of this quarter under review, as against Rs 21,648.98 crore as on March 31, 2017.

Net non-performing assets, as percentage, went up to 7.48 per cent at the end of FY18 (2017-18).

Its return on assets became negative at (-) 0.03 per cent at the end of March quarter as against 0.15 per cent in the year-ago.

–IANS

Sarkaritel
By Sarkaritel May 11, 2018 11:15