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Photo: iStock

Bank of India reports net loss of 3,571 crore in March quarter

  • The bank's provision for the Q4FY20 more than quadrupled to 8,141.92 crore against 1,897.43 crore for the same quarter last year
  • Shares of Bank of India closed at 50.40 apiece on the BSE, down 8.2% from the previous close

MUMBAI : State-owned lender Bank of India on Thursday reported a net loss of 3,571.41 crore for March quarter of FY20, on the back of higher provisioning. The bank's profit in the year-ago period stood at 251.79 crore.

The bank's provision for the Q4FY20 more than quadrupled to 8,141.92 crore against 1,897.43 crore for the same quarter last year.

Its net interest income (NII) was at 3,793.05 crore, down 6.21% from 4,044.4 crore earlier. Other income gained 14.08% to 1,687.76 crore for the quarter ended 31 March 2020 against 1,479.47 crore for the same quarter of the preceding fiscal.

The bank's net non-performing assets (NPAs) as a percentage of its assets reduced to 3.88% during January-March 2019-20 from 5.61% in the year-ago period. Similarly, the percentage of gross NPA was lower at 14.78% as against 15.84% in the same period last year.

Total income during the quarter under review was 12,215.78 crore, down 0.63% from 12,293.59 crore in the same period a year ago, the bank said in a regulatory filing.

In absolute terms, net NPAs stood at 14,320.10 crore and compares with 19,118.95 crore in the fourth quarter of the last financial year.

Shares of Bank of India closed at 50.40 apiece on the BSE, down 8.2% from the previous close, while the benchmark Sensex ended flat at 34,842.10 points.

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