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Bank of India on Monday reported a widening of its net loss to Rs 3,969.27 crore in the March quarter due to higher provisioning for mounting bad loans.
It had reported a net loss of Rs 1,045.54 crore for the January-March period of the preceding fiscal, 2016-17. In the previous quarter, October-December, of 2017-18 the loss was at Rs 2,341.20 crore.
The bank’s asset quality worsened as on March 31, 2018. The gross non-performing assets (NPAs) hit 16.58% of the gross advances, as against 13.22% by end March 2017, the bank said in a regulatory filing.
Net NPAs rose to 8.26%, as against 6.90%.
In absolute terms, the gross NPAs or bad loans reached Rs 62,328.46 crore as on March 31, 2018, sharply up from Rs 52,044.52 crore a year ago. Net NPAs were Rs 28,207.27 crore, compared with Rs 25,305.05 crore.
Income in the March quarter of 2017-18 also fell to Rs 10,722.07 crore, from Rs 12,335.71 crore a year ago.
Provisions for bad loans for January-March, 2017-18 were increased to Rs 6,699.23 crore from Rs 4,483.53 crore year ago same period.
BoI said: “Due to non availability of profit, no dividend is proposed.”
The bank’s shares closed 4.71% higher at Rs 107.85 on the BSE.
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