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Public sector lender Canara Bank on Friday posted a standalone net loss of ₹3,905.49 crore for the March quarter as non-performing assets surged.
The bank had registered a net profit of ₹612.96 crore in the corresponding quarter of 2014-15.
Total income for the quarter fell to ₹12,116.14 crore as against ₹12,429.21 crore in the same period a year ago, it said in a regulatory filing.
The bank’s gross bad loans or non-performing assets (NPAs) during the January-March quarter soared to 9.4 per cent as against 3.89 per cent during the same period in the preceding fiscal.
Gross NPAs totalled ₹31,637.83 crore, significantly up from ₹13,039.96 crore in the year-ago period. Net NPAs were 6.42 per cent (₹20,832.91 crore) of net advances, against 2.65 per cent (₹8,740.09 crore) a year ago.
Consequently, as per RBI’s Asset Quality Review (AQR) guidelines, the bank kept aside a higher amount of ₹6,331.54 crore towards provisions for bad loans and contingencies for the fourth quarter of 2015-16 as against ₹1,009.57 crore during the corresponding quarter of the preceding fiscal year.
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