Bank Of India Reports Q4 Loss At ₹3,571 Cr
Money & Banking
PTI
New Delhi |
Updated on
June 25, 2020
Published on
June 25, 2020
Bank of India on Thursday reported a standalone net loss of ₹3,571.41 crore for the quarter ended March 31, 2020 due to higher provisions for bad loans.
The bank clocked a profit of ₹251.79 crore in January-March 2018-19. In December quarter also, there was a profit of ₹105.52 crore.
“Because of higher provisions on bad debts, from ₹1,503 crore during Q4 FY19 to ₹7,316 crore during Q4 FY20, net loss stood at (-) ₹3,571 crore as against ₹252 crore during Q4 FY19,” Bank of India said in a release.
Income during March quarter 2019-20 fell to ₹12,215.78 crore from ₹12,293.59 crore in the year-ago period, it said in a regulatory filing.
The bank’s overall provisions for bad loans and contingencies were at ₹8,141.92 crore for January-March 2019-20, significantly higher than ₹1,897.43 crore in the year-ago period.
In 2019-20, the bank had a net loss of ₹2,956.89 crore as against a loss of ₹5,546.90 crore in the previous year.
Income during the year however went up at ₹49,066.33 crore from ₹45,426.70 crore a year ago.
The bank’s asset quality remained a concern as gross non performing assets (NPAs) were still higher at 14.78 per cent of gross advances at March-end, 2020 as against 15.84 per cent by the same period a year ago.
In value terms, gross NPAs or bad loans were ₹61,549.93 crore as against ₹60,661.12 crore earlier.
Net NPAs were 3.88 per cent (₹14,320.10 crore) as against 5.61 per cent (₹19,118.95 crore).
Bank of India stock closed 8.20 per cent down at ₹50.40 on BSE.
Published on
June 25, 2020
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PTI
New Delhi |
Updated on
Bank of India on Thursday reported a standalone net loss of ₹3,571.41 crore for the quarter ended March 31, 2020 due to higher provisions for bad loans.
The bank clocked a profit of ₹251.79 crore in January-March 2018-19. In December quarter also, there was a profit of ₹105.52 crore.
“Because of higher provisions on bad debts, from ₹1,503 crore during Q4 FY19 to ₹7,316 crore during Q4 FY20, net loss stood at (-) ₹3,571 crore as against ₹252 crore during Q4 FY19,” Bank of India said in a release.
Income during March quarter 2019-20 fell to ₹12,215.78 crore from ₹12,293.59 crore in the year-ago period, it said in a regulatory filing.
The bank’s overall provisions for bad loans and contingencies were at ₹8,141.92 crore for January-March 2019-20, significantly higher than ₹1,897.43 crore in the year-ago period.
In 2019-20, the bank had a net loss of ₹2,956.89 crore as against a loss of ₹5,546.90 crore in the previous year.
Income during the year however went up at ₹49,066.33 crore from ₹45,426.70 crore a year ago.
The bank’s asset quality remained a concern as gross non performing assets (NPAs) were still higher at 14.78 per cent of gross advances at March-end, 2020 as against 15.84 per cent by the same period a year ago.
In value terms, gross NPAs or bad loans were ₹61,549.93 crore as against ₹60,661.12 crore earlier.
Net NPAs were 3.88 per cent (₹14,320.10 crore) as against 5.61 per cent (₹19,118.95 crore).
Bank of India stock closed 8.20 per cent down at ₹50.40 on BSE.
Published on
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill.
In these difficult times, we, at BusinessLine, are trying our best to ensure the newspaper reaches your hands every day. You can also access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all our readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. You can help us by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section.
Our subscriptions start as low as Rs 199/- per month. A yearly package costs just Rs. 999 – a mere Rs 2.75 per day, less than a third the price of a cup of roadside chai..
A little help from you can make a huge difference to the cause of quality journalism!
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