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State-run lender OBC posts $245 million fourth-quarter loss

Reuters  |  NEW DELHI 

(Reuters) - India's state-run of Commerce reported a 16.50 billion-rupee ($245 million) net loss for its fourth quarter on Saturday as bad loans surged due to new central rules.

The posted losses of 12.18 billion rupees a year ago.

Indian banks, already burdened by a near-record 9.5 trillion rupees of soured loans, have been expected to report a further rise in the March quarter after the withdrew loan restructuring schemes to hasten a clean-up.

($1 = 67.3900 Indian rupees)

(Reporting by Manoj Kumar; Editing by Alexander Smith)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, May 12 2018. 20:21 IST