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m3n4.net November 21, 2018


Karnal firm cheats PSU bank of Rs 155 crore

13 May 2018, 12:15 | Vera Richards

Karnal firm cheats PSU bank of Rs 155 crore

Karnal firm cheats PSU bank of Rs 155 crore

However, Indian Bank's gross non-performing assets (NPA) were at Rs 11,990.14 crore as of March 31, up from Rs 9,865.13 crore in the year-ago period.

The public lender on Thursday, reported a standalone net loss of Rs. 2,583 crore for the March quarter as against a net profit of Rs.108 crore in the same period previous year, with higher provisions, contingencies and loss in investment hurting profitability.

This was the 10th quarterly loss in a row for the troubled lender that was weighed down by sharp deterioration in asset quality.

Public sector lender Oriental Bank of Commerces (OBC) net loss widened to Rs 1,650.22 crore for the quarter ended March of 2017-18.

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Net interest income in the reporting quarter was up 11 per cent year-on-year (yoy) at Rs 501 crore.

Gross NPAs or bad loans as a percentage of gross advances at the end of March 2018 stood at 17.63 per cent, up from 13.73 per cent a year ago.

The lender said its provision coverage ratio (PCR) improved to 62.91 per cent in FY 2017-18 up from 50.11 per cent in FY 2016-17.

The bank has made a provision of Rs 426 crore against sticky accounts which were referred to the National Company Law Tribunal under Bankruptcy Code.

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Total income in the entire 2017-18 fiscal stood at Rs 20,181.25 crore, lower from Rs 21,187.85 crore a year ago.

Its return on assets became negative at (-) 0.03 per cent at the end of March quarter as against 0.15 per cent in the year-ago.

In 2016-17, it had reported a net loss of Rs 863.63 crore; in 2015-16, it Rs 935.32 crore. The board of United Bank of India, another city-based bank, has approved the raising of Rs 1500 crore in multiple tranches through various modes.

Allahabad Bank reported a net loss of Rs 3,510 crore and UCO Bank a Rs 2,134 crore loss. He is heading the manufacturing operations of the company's cement business.

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