Bank of India posts Q3 loss; bad loans soar

Lender posts net loss of Rs 1,506 crore for the third quarter against Rs 173 crore of profit in the year-ago quarter

Bank of India, India's third-biggest state-run lender by assets, reported a loss for the December quarter as bad loans surged.

Net loss was Rs 1,506 crore for its fiscal third quarter to December 31, compared with Rs 173 crore profits in the year-ago quarter, the lender said in a statement on Thursday.

Gross bad loans as a%age of total loans for the bank jumped to 9.18% in the December quarter, compared with 7.55% in the previous three months.