Bank of India (BoI) today reported a loss of Rs 741.3 crore in the first quarter ended June 30 as provisions for bad loans nearly doubled.
The state-run bank had earned a net profit of Rs 129.7 crore in the April-June quarter of last fiscal, BoI said in a BSE filing.
Total income of the bank declined to Rs 10,664.3 crore from Rs 11,659.1 crore.
Provisions and contingencies nearly doubled to Rs 277 crore against Rs 151 crore.
As on June 30, the bank’s gross non-performing assets (NPAs) increased to 13.38 per cent of advances against 6.80 per cent in the corresponding quarter of last fiscal.
Net non-performing assets also rose to 7.78 per cent from 4.11 per cent.