Canara Bank today reported a net loss of Rs 4,859.8 crore for the fourth quarter (Q4) ended March 2018 from a decline in asset quality and a three-fold increase in provisions for bad loans.
It had reported a net profit of Rs 214 crore for the same period in the previous year.
Its year-on-year (YoY) net interest income (NII) for the quarter rose by 10.3 percent to Rs 2,987 crore from Rs 2,708 crore.
Provisions for March 2018 spiked three-fold to Rs 9,075.04 crore from Rs 2,708.74 crore, from a year ago quarter, as per a filing in the stock exchanges.
The state-run bank's net NPAs (Non-Performing Assets) stood at 7.48 percent for the January-March quarter of 2017-18 against 6.78 percent in the same period last year. Its gross bad loans rose to 11.84 percent from 10.38 percent.
Canara Bank said that it had not availed benefits allowed by the Reserve Bank of India (RBI) on provisioning against stressed accounts undergoing insolvency proceedings at the National Company Law Tribunal (NCLT). It has also recorded a fraud in gems and jewellery account as NPA and fully provided for it.
Additionally, it had taken a tax write-back of Rs 2,450 crore during the quarter under review.
During the financial year, Canara Bank had issued and allotted over 13.5 crore equity shares to the government on a preferential basis at the face value of Rs 10 each and issue price of Rs 357.84.