(Reuters) - Bank of India Ltd posted its biggest quarterly loss since at least 2005 on Monday as the state-run lender set aside higher provisions for bad loans.
Net loss widened to 47.38 billion rupees ($666.50 million) for the three months ended Dec. 31, 2018, from a loss of 23.41 billion rupees a year earlier.
Provisions for bad loans more than doubled to 91.79 billion rupees.
Asset quality improved slightly, with gross bad loans as a percentage of total loans standing at 16.31 percent by the end of December, compared with 16.36 percent at end-September and 16.93 percent in the year-ago period.
Also Read
($1 = 71.0875 Indian rupees)
(Reporting by Chris Thomas in Bengaluru, Editing by Sherry Jacob-Phillips)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
