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

Reuters  |  NEW DELHI 

NEW DELHI (Reuters) - India's state-run Oriental Bank 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 bank rules.The bank 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 Reserve Bank of India withdrew loan restructuring schemes to hasten a clean-up. ($1 = 67.3900 Indian rupees) (Reporting by Manoj Kumar; Editing by Alexander Smith)(This story ...

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