Canara Bank reports Rs 3,905 crore loss in fourth quarter

Gross NPAs jumped to 9.4% as of March 31, from 5.84% in December

State-run Canara Bank reported on Friday a fourth-quarter net loss of Rs 3905 crores ($583 million) as provisions, including those to cover sour debt, jumped six times.

The bank reported a profit of Rs 613 crore in the corresponding period of the previous fiscal.

Gross bad loans as a percentage of total loans had jumped to 9.4% as of March 31, from 5.84% in December, and 3.89% a year earlier.

Provisions, including for loan losses, surged to Rs 6,332 crores in the three months ending March 31, from Rs 101 crores a year earlier, Canara Bank said in a regulatory filing.

 

State Bank of India , the nation's top lender by assets, earlier on Friday reported a 66% slide in fourth-quarter profit due to higher bad loan provisions.

($1 = 66.9900 Indian rupees)