Coal India Ltd, the world’s biggest coal miner by output, reported a higher-than-expected 14% rise in its consolidated quarterly net profit on higher sales.
Advertisement
Chairman Arundhati Bhattacharya is trying to keep soured debt under check after the Reserve Bank of India asked lenders to recognize and make provisions for stressed assets on their books.
A higher provisioning against bad loans has hit the bank’s net profit which has come down to Rs 85 crore, Canara Bank CFO N Selvarajan told reporters here.
Gross bad loans as a percentage of total loans for the bank jumped to 9.18 percent in the December quarter, compared with 7.55 percent in the previous three months.
Interestingly, The Indian Express newspaper on February 09 reported that state-owned banks have written off bad loans worth Rs1.
Coal India stock closed trade on Thursday, ahead of the results, at Rs.305.05 a share, 9 points, or 2.87 percent, lower than its previous close on the Bombay Stock Exchange (BSE). Analysts surveyed by Bloomberg had estimated a Rs3,300 crore net profit.
NMDC, state-controlled mineral producer, reported standalone net profit of Rs.655.04 crore for the quarter ended December 31, 2015, registering decline of 58.88% yoy and 19.15% qoq.
Provision coverage ratio of the bank stood at 53.96 per cent, compared to 59.44 per cent a year ago.
Mumbai: State Bank of India (SBI), the country’s leading bank by resources, documented its greatest drop in regular revenue in nearly five decades as poor mortgage procedures leaped following a key bank push to wash up money owed to India’s banking business. APIs exports were down 5.3 per cent to Rs 143 crore from Rs 151 crore in the year-ago period. Gross NPAs as a share of gross advances stood at 8.94% as on 31 December, higher than 6.92% at the end of September.
Advertisement
Exports of APIs decreased by 5.3 per cent to Rs143 crore during Q3 FY15-16, from Rs151 crore during Q3 of FY14-15.
