Bank of India narrows net loss to Rs 1,045.54 cr

Mumbai, (IANS) The state run lender Bank of India on Monday reported a standalone net loss of Rs 1,045.54 crore in the quarter ended March 31, 2017 as compared to Rs 3,587.11 crore of net loss incurred in the year-ago period.

Its total income in the quarter under review stood at Rs 12,335.71 crore, up by 8.35 per cent from Rs 11,384.91 crore in the corresponding period of previous financial year.

The bank’s operating profit at Rs 3127.48 crore in the fourth quarter of the last fiscal was up 11 per cent from Rs 1464.19 crore in the year-ago quarter of the previous fiscal.

The lender reduced the provisions for bad loans to Rs 4,483.53 crore in January-March quarter as against Rs 5,441.67 crore a year ago.

The lender in the country also reported that its gross NPAs (non-performing assets) figured at Rs 52,044.52 crore in the March quarter as against Rs 49,879.12 crore in the year-ago.

The gross NPAs as a percentage of total loans stood at 13.22 per cent as compared to 13.07 per cent in the year-ago quarter.

As on March 31, 2017, the bank’s return on asset remained negative.

The lender said no dividend has been proposed for 2016-17 due to “non-availability of profit”.

Bank of India’s scrip at BSE was trading in red, down by 10.50 per cent from the previous day’s close at 2.38 p.m.

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