Canara Bank posts Rs4,860 crore loss in Q4 on higher NPA provisions

Canara Bank posts Rs4,860 crore loss in Q4 on higher NPA provisions

The bank made provisions and contingencies of Rs 1,546.33 crore for the quarter, more than double from Rs 806.91 crore in the year-ago period. The company also said that it would have achieved its 3 per cent NPA target this year if not for the bond yields and the issuance of stricter NPA norms by the Reserve Bank of India in February this year. As a percentage of total loans, gross NPAs increased to 11.84% from 9.63% a year ago.

Canara Bank's net loss for the fourth quarter ended March 31, 2018, was ₹4,859.77 crore as compared with a profit of ₹214.18 crore in the year-earlier period due to higher provisioning for its non-performing assets. "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".

In 2016-17, it had reported a net loss of Rs 863.63 crore; in 2015-16, it Rs 935.32 crore. The divergence in the gross NPAs for 2016-17 stood at Rs967.90 crore. Provision for non-performing assets nearly tripled to ₹8,762.57 crore from ₹2,924.08 crore, according to a filing.

Without naming anyone, Oriental Bank of Commerce said, in respect of two gems and jewellery borrower group, where fraud was declared by some banks, the bank has fully provided for the entire funded exposure.


Thus, the bank parked aside Rs 2,150.60 crore as provisioning for bad loans for the March quarter, as against Rs 878.18 crore in the year-ago period.

The bank is all set to announce an investment into its non-bank lending subsidiary Fed Fina whose book stands at Rs 1,450 crore, he said, elaborating that the infusion and a new management will help it focus on the retail segment.

Its net non-performing assets were at Rs 14,082.07 crore at the end of this quarter under review, as against Rs 10,703.39 crore as on March 31, 2017.

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