MUMBAI State-run Canara Bank (CNBK.NS) reported on Friday a fourth-quarter net loss of 39.05 billion rupees ($583 million) as provisions, including those to cover sour debt, jumped six times.
That compares with a profit of 6.13 billion rupees a year earlier.
Gross bad loans as a percentage of total loans had jumped to 9.4 percent as of March 31, from 5.84 percent in December, and 3.89 percent a year earlier.
Provisions, including for loan losses, surged to 63.32 billion rupees in the three months ending March 31, from 10.1 billion rupees a year earlier, Canara Bank said in a regulatory filing.
State Bank of India (SBI.NS), the nation's top lender by assets, earlier on Friday reported a 66 percent slide in fourth-quarter profit due to higher bad loan provisions.
($1 = 66.9900 Indian rupees)
(Reporting by Devidutta Tripathy; Editing by Sherry Jacob-Phillips)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Published Date: May 27, 2016 23:34 PM | Updated Date: May 27, 2016 23:34 PM