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State-owned Bank of India on Monday reported a net loss of ₹1,156.25 crore for the quarter ended September this year due to a jump in provisions for bad loans.
The bank had posted a net profit of ₹179.07 crore in the corresponding July-September period of the last fiscal. It had a net profit of ₹95.11 crore in the April-June quarter of the 2018-19 fiscal.
Total income of the bank fell to ₹10,800.24 crore during the quarter ending September from ₹11,600.47 crore in the same period of 2017-18, according to a regulatory filing by Bank of India.
Provisions towards bad loans rose to ₹2,827.62 crore in the July-September quarter of 2018-19 from ₹1,866.82 crore in the year-ago quarter.
Its gross non-performing assets (NPAs) hit 16.36 per cent of gross advances by September-end 2018 against 12.62 per cent as on September 30, 2017.
However, gross NPAs were down compared to 16.66 per cent by the end of June quarter of the current fiscal.
Net NPAs jumped to 7.64 per cent at September-end from 6.47 per cent in the year-ago period. As on June 30, 2018, the net NPA proportion was at 8.45 per cent.
In value terms, gross NPAs of the bank stood at ₹61,560.65 crore by the end of September quarter, 2018-19, as against ₹49,306.90 crore in the year-ago period. Net NPA stood at ₹25,994.15 crore as against ₹23,565.73 crore.
Bank of India shares closed 4.85 per cent down at Rs 87.25 on BSE
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