World News

Canara Bank posts huge loss on bad loans

Canara Bank posts huge loss on bad loans

The PSU (public sector undertaking) banks, already saddled by a near-record Rs 9.5 lakh crore of bad loans, have been expected to report a further rise in the March quarter after the Reserve Bank of India (RBI) withdrew loan restructuring schemes in its bid to expedite a clean-up of the books.

Mid-sized private sector lender Federal Bank today reported a 43.49 per cent plunge in March quarter net at Rs 145 crore, largely due to the provisions impact on recast assets that slipped into NPAs following the recent changes in bad loan recognition norms.

The bank has also chose to start unsecured lending including growing its Rs 400-crore personal loan book and also venture into credit cards, he said. "Accordingly, the Bank has charged depreciation of Z 194.75 crores related to quarters ended December 31, 2017 and March 31, 2018 and spread MTM losses to tune of Z 188.89 Crore to the subsequent quarters of ensuing financial year".

The bank has made a provision of Rs 426 crore against sticky accounts which were referred to the National Company Law Tribunal under Bankruptcy Code.

For the fourth quarter, the bank's provisions and contingencies stood at Rs 1,546.33 crore, more than double from Rs 806.91 crore in the year-ago period.

More news: Mumbai look to continue resurgence run against upbeat Royals

Gross NPAs jumped to Rs 47,468 crore as on March end 2018, up 18 per cent from Rs 40,312 crore in the December quarter.

Uco has reported loss in wholesale lending as well as retail lending while its income from treasury declined too contributing to the net loss.

Both Allahabad Bank and Uco Bank has set plans to raise capital of Rs 1,900 crore and Rs 3,000 crore respectively.

The bank's board has approved sale of up to 1.5 billion shares in multiple tranches with the aim of raising Rs3,000 crore.

Kesoram Industries has reported a standalone loss of Rs 158.17 crore against a loss of Rs 77.29 crore in the year ago period with segment revenue for both tyres and cement less than the corresponding period previous year. He is heading the manufacturing operations of the company's cement business.


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