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Bank of India on Thursday reported a standalone net loss of Rs 3,571.41 crore for the quarter ended March 31, 2020 due to higher provisions for bad loans.
The bank clocked a profit of Rs 251.79 crore in January-March 2018-19. In December quarter also, there was a profit of Rs 105.52 crore.
"Because of higher provisions on bad debts, from Rs 1,503 crore duringQ4 FY19 to Rs 7,316 crore during Q4 FY20, net profit stood at(-) Rs 3,571 crore as against Rs 252 crore during Q4 FY19," Bank of India said in a release.
Income during March quarter 2019-20 fell to Rs 12,215.78 crore from Rs 12,293.59 crore in the year-ago period, it said in a regulatory filing.
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The bank's overall provisions for bad loans and contingencies were at Rs 8,141.92 crore for January-March 2019-20, significantly higher than Rs 1,897.43 crore in the year-ago period.
In 2019-20, the bank had a net loss of Rs 2,956.89 crore as against a loss of Rs 5,546.90 crore in the previous year.
Income during the year however went up at Rs 49,066.33 crore from Rs 45,426.70 crorea 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 Rs 61,549.93 crore as against Rs 60,661.12 crore earlier.
Net NPAs were 3.88 per cent (Rs 14,320.10 crore) as against 5.61 per cent (Rs 19,118.95 crore).
Bank of Indiastock closed8.20 per cent down at Rs 50.40 on BSE.
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