Bank of India Q3 net loss at Rs2,341 crore
New Delhi: State-owned Bank of India on Monday reported a net loss of Rs2,341.10 crore during the third quarter ended 31 December as provisioning for bad loans rose 72% due to high non-performing assets (NPA) ratio.
The bank had registered a net profit of Rs101.72 crore in the October-December period of 2016-17. Total income was at Rs10,376.03 crore in the reported period. It was Rs11,594 crore in the year-ago period, the bank said in a regulatory filing. The bank had to make a provision of Rs4,373.06 crore for bad loans for the reported quarter.
The figure stood at Rs2,546.20 crore in the same quarter previous fiscal. Gross NPAs grew to 16.93% of the gross loans by end of December 2017 from 13.38% from end-December 2016. Net NPAs were 10.29% against 7.09%.
On NPA divergence, the bank showed a difference of Rs14,057 crore for fiscal ended March 2017, with bank’s gross NPAs at Rs52,045 crore and that assessed by RBI at Rs66,102 crore. Net NPA divergence stood at Rs9,707 crore while the divergence in provisioning was to the tune of Rs4,350 crore during 2016-17.
In the last fiscal, the bank had reported a net loss of Rs1,558 crore. Taking into account the provisioning divergence, the loss had widened to Rs6,248 crore last fiscal. The provision coverage ratio as on 31 December 2017 stood at 56.96%. Stock of the bank closed 1.61% up at Rs144.85 on BSE.
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