BOI Q4 pre-tax loss at Rs 5,489.3 cr on spike in provisions, drop in NII

Lender had posted pre-tax profit of Rs 405.7 cr in same quarter of 2018-19; plans to raise Rs 2,000 cr capital in Q3FY21

Public sector bank Bank of India (BOI) posted a pre-tax loss of Rs 5,489.3 crore for the fourth quarter ended March 2020 (Q4FY20) on fall in net interest income and sharp rise in provisions and contingencies.

It had posted a pre-tax profit of Rs 405.7 crore in same quarter of 2018-19 (Q4FY19).

Bengaluru-based bank posted net loss of Rs 3,571.4 crore in Q4FY20 compared to net profit of Rs 251.7 crore in Q4FY19.

For FY20, its losses reduced to Rs 2,956.8 crore from net of Rs 5,546.9 crore for FY19.

BOI stock closed 8.2 per cent higher at Rs 50.40