Bank of India reports Rs 1,505 crore loss in Q3; shares down 6.40% intraday

Public sector lender Bank of India on Thursday reported a net loss of Rs 1,505.58 crore for the third quarter(Q3) ended December 31, 2015, on account of higher provisioning for bad loans.

The bank had a net profit of Rs 1,733.80 crore in the October-December quarter of the last fiscal.

At 1504 hours, the shares of Bank of India were trading down 6.40% or Rs 5.80 at Rs 84.80 per scrip intraday on the BSE. 

Total income also decreased to Rs 11,086.95 crore during the third quarter(Q3) from Rs 11,947.45 crore in the corresponding period last fiscal, Bank of India (BoI) said in a BSE filing.

Provisioning for bad loans more than doubled to Rs 3,603 crore during the December quarter of current fiscal from Rs 1,580 crore in the same period last fiscal.

Gross non-performing assets (NPAs) of the bank as a percentage of total advances rose to 9.18% during the quarter as against 4.07% last fiscal. Net NPAs also rose to 5.25% during the quarter from 2.50% in the same quarter last fiscal.