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Bank of India on Thursday reported a standalone net loss of ₹3,571.41 crore for the quarter ended March 31, 2020 due to higher provisions for bad loans.
The bank clocked a profit of ₹251.79 crore in January-March 2018-19. In December quarter also, there was a profit of ₹105.52 crore.
“Because of higher provisions on bad debts, from ₹1,503 crore during Q4 FY19 to ₹7,316 crore during Q4 FY20, net loss stood at (-) ₹3,571 crore as against ₹252 crore during Q4 FY19,” Bank of India said in a release.
Income during March quarter 2019-20 fell to ₹12,215.78 crore from ₹12,293.59 crore in the year-ago period, it said in a regulatory filing.
The bank’s overall provisions for bad loans and contingencies were at ₹8,141.92 crore for January-March 2019-20, significantly higher than ₹1,897.43 crore in the year-ago period.
In 2019-20, the bank had a net loss of ₹2,956.89 crore as against a loss of ₹5,546.90 crore in the previous year.
Income during the year however went up at ₹49,066.33 crore from ₹45,426.70 crore a year ago.
The bank’s asset quality remained a concern as gross non performing assets (NPAs) were still higher at 14.78 per cent of gross advances at March-end, 2020 as against 15.84 per cent by the same period a year ago.
In value terms, gross NPAs or bad loans were ₹61,549.93 crore as against ₹60,661.12 crore earlier.
Net NPAs were 3.88 per cent (₹14,320.10 crore) as against 5.61 per cent (₹19,118.95 crore).
Bank of India stock closed 8.20 per cent down at ₹50.40 on BSE.
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