 "Bank of India Q1 net loss at Rs 741 crore")
Bank of India (BoI) on Friday reported a loss of Rs 741.3 crore for the first quarter ended June 30 as provisions for bad loan nearly doubled.
The state-run bank had earned a net profit of Rs 129.7 crore in the April-June quarter of last financial year, BoI said in a BSE filing.
Total income of the bank declined to Rs 10,664.3 crore as against Rs 11,659.1 crore in the same period last year.
Provision and contingencies nearly doubled to Rs 277 crore as against Rs 151 crore in the year-ago period.
As on June 30, the bank's gross non-performing assets (NPAs) increased to 13.38 per cent of loans as against 6.80 per cent in the corresponding quarter of the last financial year.
The net non-performing assets also rose to 7.78 per cent as against 4.11 per cent as on June 30, 2015.
