Canara Bank posts Rs 48.6 bn Q4 loss as NPAs triple to Rs 87.6 bn

Gross bad loans as a percentage of total loans rose to 11.84% at end-March

Canara Bank Ltd on Friday posted a huge loss for the fourth quarter, hurt by higher provisions for bad loans.

Net loss was Rs 48.60 billion ($722.57 million) for the three months ended March 31, compared with a profit of Rs 2.14 billion a year ago, the state-run bank said in a statement. 

Provisions for non-performing assets almost tripled to Rs 87.63 billion.

Gross bad loans as a percentage of total loans rose to 11.84 per cent at end-March, compared with 10.38 per cent in the preceding quarter and 9.63 per cent a year ago.