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State-owned lender Bank of India on Thursday reported a net loss of Rs 3,571.41 crore for March quarter of FY20, on the back of higher provisioning. The bank’s profit in the year-ago period stood at Rs 251.79 crore. The bank’s provision for the Q4FY20 more than quadrupled to Rs 8,141.92 crore against Rs 1,897.43 crore for the same quarter last year. Its net interest income (NII) was at Rs 3,793.05 crore, down 6.21 per cent from Rs 4,044.4 crore earlier. Other income gained 14.08 per cent to Rs 1,687.76 crore for the quarter ended 31 March 2020 against Rs 1,479.47 crore for the same quarter of the preceding fiscal.
The bank’s net non-performing assets (NPAs) as a percentage of its assets reduced to 3.88 per cent during January-March 2019-20 from 5.61 per cent in the year-ago period. Similarly, the percentage of gross NPA was lower at 14.78 per cent as against 15.84 per cent in the same period last year.
Total income during the quarter under review was Rs 12,215.78 crore, down 0.63 per cent from Rs 12,293.59 crore in the same period a year ago, the bank said in a regulatory filing.
In absolute terms, net NPAs stood at Rs 14,320.10 crore and compares with Rs 19,118.95 crore in the fourth quarter of the last financial year. Shares of Bank of India closed at Rs 50.40 apiece on the BSE, down 8.2 per cent from the previous close, while the benchmark Sensex ended flat at 34,842.10 points.
