FORTIS ARM GAVE `473 CR LOAN TO PROMOTERS’ FIRMS
New Delhi, Feb. 9 Fortis Healthcare Ltd on Friday said its wholly-owned arm Fortis Hospitals had deployed funds to the tune of `473 crore as secured short-term investments to group firms of its promoters, billionaire Singh brothers.
Responding to the report, Fortis Healthcare said the loans are adequately secured and repayment has commenced as per agreed payment schedule.
SBI’S NET nonperforming assets almost doubled to `102,370.12 crore, up from `61,430.45 crore.
PROVISIONS FOR non-performing loans at Bank of Baroda jumped 92.71 per cent to `3,155 crore from `1,638 crore from a year ago.
Mumbai, Feb. 9: The SBI Group on Friday reported a massive `1,886.57 crore net loss for the December quarter of current fiscal as its bad loans and provisions spiked.
It had, in contrast, reported net profit of `2,152.14 crore for the October December quarter of the last fiscal 2016-17.
The nation’s largest lender saw its net bad loans ratio spiking to 5.61 per cent of advances, from 4.24 per cent during the third quarter of 201718.
The gross dud assets ratio jumped meanwhile from 7.23 per cent to cross the double digits mark at 10.35 per cent during the quarter under review.
In absolute or gross terms, the bank at the standalone level had `1,99,141.43 crore of its assets as non-performing, up from `1,08,172.32 crore in the comparable period in 2016.
Similarly, its net nonperforming assets almost doubled to `102,370.12 crore, up from `61,430.45 crore, SBI said in an exchange filing.
The bank saw its noninterest income decline by 29.75 per cent, from `11,507 crore to `8,084 crore, as net interest income plunged due to mark-to-market losses from its treasury operations. Meanwhile, state-run Bank of Baroda today reported a 55.73 per cent fall in its net profit at `112 crore in the quarter ended December due to higher provisions for bad loans. The bank's net profit stood at `253 crore in the corresponding quarter last year.
Total provisions rose 51 per cent to `3,538 crore in the quarter against `2,342 crore in yearago period. Provisions for non-performing loans jumped 92.71 per cent to `3,155 crore from `1,638 crore from a year ago.
“We have been consistently looking at the provision coverage ratio. It's a conscious decision we have taken that provision coverage ratio should keep on increasing,” BoB executive director Papia Senguta said.