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Bank of India Q3 net loss at Rs 2,341 cr

Press Trust of India  |  New Delhi 

State-owned of India today reported a net loss of Rs 2,341.10 crore during the third quarter ended December 31 as provisioning for bad loans rose 72 per cent due to high NPA ratio.

The had registered a net profit of Rs 101.72 crore in the October-December period of 2016-17.

Total income was at Rs 10,376.03 crore in the reported period. It was Rs 11,594 crore in the year-ago period, the said in a regulatory filing.

The bank had to make a provision of Rs 4,373.06 crore for bad loans for the reported quarter. The figure stood at Rs 2,546.20 crore in the same quarter previous fiscal.

Gross non-performing assets (NPAs) grew to 16.93 per cent of the gross loans by end of December 2017 from 13.38 per cent from end-December 2016. Net NPAs were 10.29 per cent against 7.09 per cent.

On NPA divergence, the bank showed a difference of Rs 14,057 crore for fiscal ended March 2017, with bank's gross NPAs at Rs 52,045 crore and that assessed by RBI at Rs 66,102 crore.

Net NPA divergence stood at Rs 9,707 crore while the divergence in provisioning was to the tune of Rs 4,350 crore during 2016-17.

In the last fiscal, the bank had reported a net loss of Rs 1,558 crore. Taking into account the provisioning divergence, the loss had widened to Rs 6,248 crore last fiscal.

The provision coverage ratio as on December 31, 2017 stood at 56.96 per cent.

Stock of the bank closed 1.61 per cent up at Rs 144.85 on BSE.

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

First Published: Mon, February 12 2018. 18:10 IST
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