Saturday, May 12, 2018

Canara Bank's loss widens

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Canara Bank has posted a loss of Rs 4,860 crore for the quarter ended March 31 on three-fold jump in provisions.

This compared with a profit of Rs 214 crore in the year ago quarter and Rs 126 crore in December quarter.

Provisions for the quarter jumped over three times to Rs 9,075 crore from Rs 2,709 crore in the year ago quarter.

The results were announced after market hours on Friday. The stock will react negatively to the above in Monday's trading.

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