Bank of India on Thursday reported a standalone net loss of Rs 3,571.41 crore for the March quarter of 2020, because of higher provisions for bad loans.
The bank clocked a profit of Rs 251.79 crore in January-March 2018-19. In the December quarter, the profit stood at Rs 105.52 crore.
“Because of higher provisions on bad debts, from Rs 1,503 crore during the fourth quarter of 2018-19 to Rs 7,316 crore in the fourth quarter of 2019-20, net profit stood at (-)Rs 3,571 crore against Rs 252 crore a year ago,” Bank of India said in a release.
Income during the March quarter 2019-20 fell to Rs 12,215.78 crore from Rs 12,293.59 crore in the year-ago period.
The bank’s overall provisions for bad loans and contingencies were at Rs 8,141.92 crore for January-March 2019-20, higher than Rs 1,897.43 crore in the year-ago period.
In 2019-20, the bank suffered a net loss of Rs 2,956.89 crore against a loss of Rs 5,546.90 crore in the previous year. Income during the year, however, went up to Rs 49,066.33 crore from Rs 45,426.70 crore a year ago.
The bank’s asset quality remained a concern as gross non performing assets were still higher at 14.78 per cent of gross advances at March-end of 2020 against 15.84 per cent by the same period a year ago.
