Bank Of India Posts Biggest Quarterly Loss In 13 Years

Bank of India posted its biggest quarterly loss since at least 2005 on Monday as the state-run lender set aside higher provisions for bad loans.

Net loss widened to Rs 4,738 crore ($666.50 million) for the three months ended December 31, 2018, from a loss of Rs 2,341 crore a year earlier.

Provisions for bad loans more than doubled to Rs 9,179 crore.

Asset quality improved slightly, with gross bad loans as a percentage of total loans standing at 16.31 per cent by the end of December, compared with 16.36 percent at end-September and 16.93 per cent in the year-ago period.

($1 = Rs 71.08 rupees)