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Bad debts erode bank's profits
PRESS TRUST OF INDIA
Bad debts of nationalised banks amounted to more than three-fourths of the net profits in the last two years, a chamber study has said. Assocham, in a recent study, said bad debts of nationalised banks have risen consistently during the last three years to Rs 2,098.85 crore in 1998-99 from Rs 1,609 crore in 1996-97. On the other hand, the cumulative net profit of banks declined to Rs 1,792.43 crore in 1998-99 from the previous year's Rs 2,567.28 crore, the chamber pointed out.Canara Bank had the highest bad debt of Rs 468.50 crore, followed by Bank of India (Rs 325.22 crore), Central Bank (Rs 253.62 crore), Punjab National Bank (Rs 218.66 crore), and UCO Bank (Rs 176.74 crore) during 1998-99. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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