Bad loans hit public sector banks hard

New Delhi, February 14

Hit hard by mounting bad loans, many leading public sector banks, including Bank of Baroda, Bank of India and IDBI Bank, reported their highest ever-quarterly losses aggregating to over Rs 12,000 crore, while others like SBI and PNB witnessed sharp erosion in profits.

Bank of Baroda reported a whopping loss of Rs 3,342 crore, the highest ever quarterly loss posted by any public sector bank in the industry.

IDBI Bank recorded a loss of Rs 2,184 crore, while Bank of India posted a Rs 1,505 crore loss for the quarter ended December.

Besides, UCO Bank reported a net loss of Rs 1,497 crore, followed by Indian Overseas Bank (Rs 1,425 crore), Central Bank of India (Rs 837 crore) and Dena Bank (Rs 663 crore).

Banks that posted sub-Rs 500 crore loss were Kolkata-based Allahabad Bank (Rs 486 crore), Oriental Bank of Commerce (Rs 425 crore), Corporation Bank (Rs 383 crore) and Syndicate Bank (Rs 120 crore). — PTI