Allahabad Bank, Dena Bank, UCO Bank slump on March-quarter losses

Reuters May 14 | Updated on May 14, 2018 Published on May 14, 2018

Allahabad Bank, Dena Bank, and UCO Bank slumped on March-quarter losses, while Canara Bank rose. Shares of state-run lenders Allahabad Bank, Dena Bank and UCO Bank fell between 3.7 per cent and 12.7 per cent, while Canara Bank rose as much as 4.8 per cent.

For March quarter, Dena Bank's loss widened to Rs 1,225 crore ($182.1 million), Allahabad Bank posted a net loss of Rs 3,510 crore against a profit of Rs 111 crore last year, while UCO Bank reported a Rs 2,134 crore loss.

Bad loans and provision for bad loans hurt the state-run lenders in March quarter. Canara Bank posted a March-quarter net loss of Rs 4,860 crore after market hours on Friday.

Unlike other banks, Canara Bank's margins were steady despite high slippages and the outstanding stress book has come down significantly, says a Mumbai-based analyst.

Dena Bank shares hit the lowest since September 2003; Around 2 million shares change hands, about twice their 30-day average volume.

Published on May 14, 2018
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