BoI slips into red, reports Rs 1,505 cr loss in Q3

Public sector lender Bank of India today reported a net loss of Rs 1,505.58 crore for the third quarter ended December 31, on account of higher provisioning for bad loans.
The bank had a net profit of Rs 1,733.80 crore in the October-December quarter of the last fiscal.
Total income also decreased to Rs 11,086.95 crore during the third quarter from Rs 11,947.45 crore in the corresponding period last fiscal, Bank of India (BoI) said in a BSE filing.
Provisioning for bad loans more than doubled to Rs 3,603 crore during the December quarter of current fiscal, from Rs 1,580 crore in the same period last fiscal.

Gross non-performing assets (NPA) of the bank as a percentage of total advances rose to 9.18 per cent during the quarter as against 4.07 per cent last fiscal.
Net NPAs also rose to 5.25 per cent during the quarter from 2.50 per cent in the same quarter last fiscal.
BoI's shares tanked 6.79 per cent to Rs 84.45 in afternoon trade on BSE.