You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Bank of India slides on disclosing divergence in NPA provisioning

Capital Market 

Bank of India fell 0.49% to Rs 50.90 after the bank said its total provisions under divergence stood at Rs 930 crore.

While informing about the divergence in the asset classification and provisioning for NPAs, the state-run lender disclosed that total provisions under divergence is Rs 930 crore, which include divergence in provision for NPA of Rs 394 crore, provision for investments of Rs 23 crore and shortfall in standard asset provisioning of Rs 513 crore.

It further said that out of Rs 930 crore provisions under divergence, the bank has already made provision of Rs 572 crore during the current financial year. Hence, the remaining impact is Rs 358 crore, the bank added.

Bank of India provides a wide range of banking products and financial services to corporate and retail customers. The Government of India holds 89.10% stake in BOI as on 30 September 2020.

The bank's net profit jumped 97.4% to Rs 525.78 crore on a 3.5% increase in total income to Rs 12,408.66 crore in Q2 September 2020 over Q2 September 2019.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, January 08 2021. 15:30 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU