India's Canara Bank reports $583 mln Q4 loss as bad loans soar

May 27, 2016 10:05 AM

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MUMBAI May 27 India's state-run Canara Bank reported on Friday a fourth-quarter net loss of 39.05 billion rupees ($583 million) as provisions, including those to cover sour debt, jumped six times.

Gross bad loans as a percentage of total loans had jumped to 9.4 percent as of March 31, from 5.84 percent in December, and 3.89 percent a year earlier.

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