Signals, Powered By EquityPandit
The state-controlled Bank of India (BOI) has posted a net loss of Rs. 1,156.25 crores in the July-September quarter of the current fiscal due to a sudden rise in provisions for bad loans. The bank had earlier reported a net profit of Rs 179.07 crores in the same period preceding fiscal.
According to the company’s regulatory filings, provisions towards bad loans increased to Rs. 2,827.62 crores in the said quarter of 2018-19 as against Rs. 1,866.82 crore in the September-end quarter of 2017-18. BOI had a net profit of Rs. 95.11 crore in the April-June quarter of the current fiscal year.
As per the statement, the total revenue of the Bank Of India declined to Rs. 10,800.24 crores during the quarter under discussion as compared to Rs. 11,600.47 crores in the corresponding quarter a year ago.
The bank’s gross non-performing assets (NPAs) for the said quarter stood at 16.36 per cent of gross advances as against 12.62 per cent as on September 30, 2017. Net NPAs also surged to 7.64 per cent in the July-September quarter of FY19 from 6.47 per cent in the year-ago period.
