May 11, 2018 / 10:51 AM / in 2 months

India's Canara Bank posts $723 mln Q4 loss

May 11 (Reuters) - India’s Canara Bank Ltd on Friday posted a huge loss for the fourth quarter, hurt by higher provisions for bad loans.

Net loss was 48.60 billion rupees ($722.57 million) for the three months ended March 31, compared with a profit of 2.14 billion rupees a year ago, the state-run bank said in a statement bit.ly/2rB5Vzj.

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

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

$1 = 67.2600 Indian rupees Reporting by Vishal Sridhar in Bengaluru; Editing by Subhranshu Sahu

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