Bank of India registers net loss of Rs 1,156 cr in Q2 on higher provisions for bad loans

New Delhi: State-owned Bank of India on Monday reported a net loss of Rs 1,156.25 crore for the quarter ending September due to a jump in provisions for bad loans.

The bank had posted a net profit of Rs 179.07 crore in the corresponding July-September period of the last fiscal. It had a net profit of Rs 95.11 crore in the April-June quarter of the 2018-19 fiscal.

Total income of the bank fell to Rs 10,800.24 crore during the quarter ending September from Rs 11,600.47 crore in the same period of 2017-18, according to a regulatory filing by Bank of India.

Representational image. Getty Images

Representational image. Getty Images

Provisions towards bad loans rose to Rs 2,827.62 crore in the July-September quarter of 2018-19 from Rs 1,866.82 crore in the year-ago quarter.

Its gross non-performing assets (NPAs) hit 16.36 percent of gross advances by September-end 2018 against 12.62 percent as on 30 September, 2017.

However, gross NPAs were down compared to 16.66 percent by the end of June quarter of the current fiscal.

Net NPAs jumped to 7.64 percent at September-end from 6.47 percent in the year-ago period. As on 30 June, 2018, the net NPA proportion was at 8.45 percent.

In value terms, gross NPAs of the bank stood at Rs 61,560.65 crore by the end of September quarter, 2018-19, as against Rs 49,306.90 crore in the year-ago period. Net NPA stood at Rs 25,994.15 crore as against Rs 23,565.73 crore.

Bank of India shares closed 4.85 percent down at Rs 87.25 on BSE.

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Updated Date: Nov 12, 2018 17:24:29 IST

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