You are here: Home » Reuters » News
Business Standard

Bad loans push four Indian state banks to combined $1.74 billion fourth-quarter loss

Reuters  |  BENGALURU/MUMBAI 

By Vishal Sridhar and Devidutta TripathyBENGALURU/MUMBAI (Reuters) - Four Indian state banks reported on Friday a combined net loss of 117.29 billion rupees ($1.74 billion) for the fiscal fourth quarter due to a jump in bad-loan provisions following a tightening of the Reserve Bank of India rules.Bengaluru-headquartered Canara Bank Ltd, the biggest of the four, said its net loss was 48.6 billion rupees for the three months to March 31, compared with a net profit of 2.14 billion rupees a year earlier.Allahabad Bank reported a net loss of 35.1 billion rupees and UCO Bank a 21.34 billion rupee ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Fri, May 11 2018. 21:55 IST
RECOMMENDED FOR YOU