Canara Bank on Friday posted a standalone net loss of Rs 3,905.49 crore for the March quarter as non-performing assets surged. The bank had registered a net profit of Rs 612.96 crore in the corresponding quarter of 2014-15.
Total income for the quarter fell to Rs 12,116.14 crore as against Rs 12,429.21 crore in the same period a year ago, it said in a regulatory filing. The bank's gross bad loans or non-performing assets (NPAs) during the January-March quarter soared to 9.4 percent as against 3.89 percent during the same period in the preceding fiscal.
Gross NPAs totaled Rs 31,637.83 crore, significantly up from Rs 13,039.96 crore in the year-ago period. Net NPAs were 6.42 percent (Rs 20,832.91 crore) of net advances against 2.65 per cent (Rs 8,740.09 crore) a year ago.
Consequently, as per RBI's Asset Quality Review (AQR) guidelines, the bank kept aside a higher amount of Rs 6,331.54 crore towards provisions for bad loans and contingencies for the fourth quarter of 2015-16 as against Rs 1,009.57 crore during the corresponding quarter of the preceding fiscal year.
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Canara Bank runs into losses
By IndianMandarins - 2016-05-30 10:15:35
Canara Bank on Friday posted a standalone net loss of Rs 3,905.49 crore for the March quarter as non-performing assets surged. The bank had registered a net profit of Rs 612.96 crore in the corresponding quarter of 2014-15.
Total income for the quarter fell to Rs 12,116.14 crore as against Rs 12,429.21 crore in the same period a year ago, it said in a regulatory filing. The bank's gross bad loans or non-performing assets (NPAs) during the January-March quarter soared to 9.4 percent as against 3.89 percent during the same period in the preceding fiscal.
Gross NPAs totaled Rs 31,637.83 crore, significantly up from Rs 13,039.96 crore in the year-ago period. Net NPAs were 6.42 percent (Rs 20,832.91 crore) of net advances against 2.65 per cent (Rs 8,740.09 crore) a year ago.
Consequently, as per RBI's Asset Quality Review (AQR) guidelines, the bank kept aside a higher amount of Rs 6,331.54 crore towards provisions for bad loans and contingencies for the fourth quarter of 2015-16 as against Rs 1,009.57 crore during the corresponding quarter of the preceding fiscal year.
