Bank of India Ltd reported a net loss of Rs3,969 crore ($588.87 million) for the March quarter (Q4), as the public sector bank set aside more funds for bad loans.

That compared with a loss of Rs1,046 crore in the year-ago period and expectations of a loss of Rs1,284 crore, according to Thomson Reuters estimates by nine analysts.

Bank of India’s gross NPAs as a percentage of total loans stood at 16.58% at end-March, compared with 16.93% in the previous quarter and 13.22% a year ago.

Provisions for bad loans surged about 41% to Rs6,674 crore.

Bank of India shares ended 4.5% higher in a Mumbai market that was up 0.7%.