Five PSU banks post loss Rs 2,564 cr in Q1

IPS Officer, Madhya Pradesh, MP IASS, Amit Singh IPS, Ratlam superintendent of police, IIM, Ahmedabad, Rajiv Sharma,  MP High Court, Samanya Picchda Evam Alpasankhyak Adhikari Karmachari Sangh, Rajiv Sharma IAS
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Saddled with rising bad loans, five public sector banks, including Bank of India, Dena Bank, and Central Bank of India, on Friday posted a combined loss of Rs 2,564 crore for the first quarter ended June. Meanwhile, the country’s largest lender SBI witnessed a 78 per cent drop in consolidated profit to Rs 1,046 crore against Rs 4,714 crore profit in the same quarter a year ago.
Oriental Bank of Commerce (OBC) too reported 61 per cent decline in net profit at Rs 100.69 crore as against Rs 257.84 crore in the corresponding April-June quarter of 2015-16.
Leading the pack, Bank of India reported a loss of Rs 741.3 crore as provisions for bad loans nearly doubled.

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