Five PSU banks post loss Rs 2,564 cr in Q1

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Saddled with rising bad loans, five public sector banks, including Bank of India, Dena Bank, and Central Bank of India, on Friday posted a combined loss of Rs 2,564 crore for the first quarter ended June. Meanwhile, the country’s largest lender SBI witnessed a 78 per cent drop in consolidated profit to Rs 1,046 crore against Rs 4,714 crore profit in the same quarter a year ago.
Oriental Bank of Commerce (OBC) too reported 61 per cent decline in net profit at Rs 100.69 crore as against Rs 257.84 crore in the corresponding April-June quarter of 2015-16.
Leading the pack, Bank of India reported a loss of Rs 741.3 crore as provisions for bad loans nearly doubled.
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