Bank of India posts Q4 loss of $162.08 million
Bank of India Ltd, the country's sixth-biggest lender by assets, reported a fourth-quarter net loss of 10.46 billion rupees ($162.08 million) as provisions for bad loans remained high.
Net loss for the quarter ended March 31 narrowed from a loss of 35.87 billion rupees a year earlier, the Mumbai-based lender said in a statement on Monday.
Analysts on average had expected a net profit of 602.3 million rupees, according to data compiled by Thomson Reuters.
Bad loans as a percentage of total loans rose to 13.22 percent at the end of March, compared with 13.38 percent in the preceding quarter, and 13.07 percent a year ago.
Provisions for non-performing assets fell to 44.84 billion rupees from 54.42 billion rupees a year earlier, the bank said.
Shares of the bank were trading down 2.9 percent by 0734 GMT on the National Stock Exchange.
Net loss for the quarter ended March 31 narrowed from a loss of 35.87 billion rupees a year earlier, the Mumbai-based lender said in a statement on Monday.
Analysts on average had expected a net profit of 602.3 million rupees, according to data compiled by Thomson Reuters.
Bad loans as a percentage of total loans rose to 13.22 percent at the end of March, compared with 13.38 percent in the preceding quarter, and 13.07 percent a year ago.
Provisions for non-performing assets fell to 44.84 billion rupees from 54.42 billion rupees a year earlier, the bank said.
Shares of the bank were trading down 2.9 percent by 0734 GMT on the National Stock Exchange.