Bank of India Posts Q4 Loss Of Rs 3,969 Crore

Thomson Reuters

28 May 2018, 05:19 PM IST

Bank of India's shares ended 4.5% higher in a Mumbai market.

Bank of India Ltd reported a net loss of Rs 3,969 crore ($588.87 million) for the fourth quarter, as the state-owned lender set aside more funds for bad loans.

That compared with a loss of Rs 1,046 crore in the year-ago period and expectations of a loss of Rs 1,284 crore, according to Thomson Reuters estimates by nine analysts.

Gross bad loans as a percentage of total loans stood at 16.58 per cent at end-March, compared with 16.93 per cent in the previous quarter and 13.22 per cent a year ago.

Provisions for bad loans surged about 41 per cent to Rs 6,674 crore.

Shares ended 4.5 per cent higher in a Mumbai market that was up 0.7 per cent.

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