Mumbai: Bank of India on Monday said that it reported a net loss of Rs1,045.54 crore for the March quarter on the back of lower provisions and higher other income. The losses have narrowed down compared to last year when the loss reported was Rs3,587.11 crore for the same period.
According to 12 analysts of Bloomberg, the bank was expected to post a loss of Rs45.90 crore.
Net interest income, or the core income bank earns by giving loans, increased by 8.82% to Rs3,468.58 crore for the year-end quarter.
Other income more than doubled to Rs1,754.02 crore for the March quarter compared to Rs883.59 crore a year ago. Provisions stood at Rs4,736.21 crore as at 31 March, a 13.42% decrease compared to the year-ago figure.
As a percentage of total loans, gross non-performing assets (NPAs) were at 13.22% at the end of the March quarter, as against 13.38% in the previous quarter and 13.07% in the year-ago quarter. Net NPAs came in marginally lower at 6.90% in the quarter compared to 7.09% in the preceding three months, but significantly lower than the March 2016 quarter’s 7.79%.
At 1.21pm, shares of Bank of India lost 6.53% to Rs166.85 apiece on the BSE, while the benchmark Sensex index gained 0.27% to 30,456.91 points.