Canara Bank posts `4,860cr loss in Q4 as NPA provisions jump 3-fold
New Delhi: State-owned Canara Bank on Friday reported a net loss of Rs 4,859.77 crore for the last quarter of 2017-18 due to increased provisioning for bad loans.
The bank had clocked a net profit of Rs 214.18 crore in the corresponding January-March quarter of preceding fiscal 2016-17.
The bank raised its provisioning for non-performing assets (NPAs) to Rs 8,762.57 crore during the January-March quarter, up by nearly 200 per cent per cent from Rs 2,924.08 crore in the same period of previous fiscal, as bad assets ballooned, according to a regulatory filing by the bank.
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.
Total income of the bank during the quarter ended March 2018 fell to Rs 11,555.11 crore from Rs 12,889.20 crore.
In full year 2017-18, total income stood at Rs 48,194.94 crore against Rs 48,942.04 crore in preceding year, the bank said.
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.
In absolute value, the gross NPAs were at Rs 47,468.47 crore from Rs 34,202.04 crore.
The NPA provisioning for the full year rose to Rs 14,882.70 crore from Rs 7,437.77 crore in 2016-17. In view of fraud reported during the year in certain banks in respect of one gems and jewellery borrower group accounts , the bank has classified these accounts as non-performing asset and provided fully.