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Canara Bank posts net loss of Rs 4,859.77 cr in Q4

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Mumbai, May 11 (IANS) State-run Canara Bank on Friday posted a net loss of Rs 4,859.77 crore in the quarter ended March 31, 2018 due to nearly 200 per cent jump in provisioning for non-performing assets along with fall in total income.

It had posted a net profit of Rs 214.18 crore in the corresponding quarter of previous year.

The bank’s total income, in the quarter under review, fell by about 10 per cent to Rs 11,555.11 crore from Rs 12,889.20 crore in the year-ago period.

Its provisions (other than tax) and contingencies during the March quarter stood at Rs 9,075.04 crore, up by a whopping 235 per cent from Rs 2,708.74 crore in the year-ago period.

The lender said its provisions for bad assets was at Rs 8,762.57 crore at the end of March 31, 2018 as against Rs 2,924.08 crore in the year-ago.

It also said the government’s holding at the end of the 2017-18, was 72.55 per cent, up from 66.30 per cent by end of the previous year, after the Central government recapitalised it. Its capital adequacy ratio improved to 13.22 per cent.

It also reported that its gross non-performing assets went up to Rs 47,468.47 crore as on March 31, 2018, up by 39 per cent from Rs 34,202.04 crore in the year-ago.

Non-performing assets as a percentage of total advances stood at 11.84 per cent at the of March quarter from 9.63 per cent in same period last year.

Its net non-performing assets were at Rs 28,542.4 crore at the end of this quarter under review, as against Rs 21,648.98 crore as on March 31, 2017.

Net non-performing assets, as percentage, went up to 7.48 per cent at the end of FY18 (2017-18).

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.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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