May 14, 2018 / 5:15 AM / in 10 days

BUZZ-India's Allahabad Ban, Dena Bank, UCO Bank slump on March-qtr losses; Canara Bank rises

** Shares of state-run lenders Allahabad Bank, Dena Bank and UCO Bank fall between 3.7 pct and 12.7 pct; Canara Bank rise as much as 4.8 pct

** For March qtr, Dena Bank’s loss widens to 12.25 bln rupees ($182.1 mln), Allahabad Bank posts net loss of 35.10 bln rupees from a profit of 1.11 bln rupees last year while UCO Bank reports a 21.34 bln-rupee loss

** Bad loans and provision for bad loans hurt banks in March qtr

** Canara Bank posts March-qtr net loss of 48.60 bln rupees after market hours on Friday

** Unlike other banks, Canara Bank’s margins were steady despite high slippages and the outstanding stress book has come down significantly, says a Mumbai-based analyst

** Dena Bank hits lowest since Sept 2003; Around 2 mln shares change hands, about twice their 30-day avg volume

** Index for state-run banks up 1 pct buy down 23.2 pct this year as of Friday compared with broader NSE index’s 2.6 pct rise this year ($1 = 67.2750 Indian rupees)

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