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.