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Canara Bank posts net loss for fiscal Q4 as provisions surge


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Canara Bank posts net loss for fiscal Q4 as provisions surge

India's Canara Bank reported net loss of 48.60 billion rupees for the quarter ended March 31, compared with net profit of 2.14 billion rupees in the year-ago quarter as provisions surged.

On a per-share basis, the bank posted a loss of 80.35 rupees, against earnings of 3.92 rupees in the previous year.

The bank said interest earned declined to 102.23 billion rupees from 104.93 billion rupees, while other income dropped to 13.32 billion rupees from 23.96 billion rupees.

Meanwhile, provisions and contingencies more than tripled to 97.75 billion rupees from 27.09 billion rupees.

For the full fiscal year, the bank reported net loss of 42.22 billion rupees, or 70.47 rupees per share, compared with a net profit of 11.22 billion rupees, or 20.63 rupees per share.

Provisions and contingencies for the period surged to 161.09 billion rupees from 72.72 billion rupees.

As of March 31, the bank's gross nonperforming asset ratio stood at 11.84%, compared with 10.38% at the end of 2017 and 9.63% at March 31, 2017. The net NPA ratio was 7.48%, against 6.78% at the end of 2017 and 6.33% at the end of March 2017.

Under Basel III, the capital adequacy ratio was 13.22%, up from 12.49% at Dec. 31, 2017, and 12.86% in the prior year. The common equity Tier 1 ratio climbed to 9.51% from 8.75% at the end of 2017 and 8.92% in the year-ago period. The Additional Tier 1 ratio was 0.79%, down from 0.82% at the end of 2017 and 0.85% in the prior year.

As of May 10, US$1 was equivalent to 67.16 Indian rupees.