Bank of India posts Q3 loss of Rs 23.41 bn on bad-loan provisions spike

Public sector lender Bank of India saw third-quarter net loss due to higher provisioning for bad debts and treasury (MTM) losses. The bank saw a divergence of Rs 140.57 billion between the central bank's assessment of non performing assets and that of the bank. 

The bank's net loss was Rs 23.41 billion for the quarter ended December, compared to a profit of Rs 1.01 billion in the year-ago quarter. Provisions for bad loans jumped 72% to Rs 43.73 billion.

The gross non-performing assets (NPAs), as a percentage of total advances, in the present quarter, rose to 16.93 per cent, against 13.38