New Delhi: Bank of India on Monday reported widening of its net loss to Rs 3,969.27 crore in the March quarter due to higher provisioning for mounting bad loans.
It had reported a net loss of Rs 1,045.54 crore for the January-March period of the preceding fiscal, 2016-17. In the previous quarter, October-December, of 2017-18 the loss was at Rs 2,341.20 crore.
The bank's asset quality worsened as on March 31, 2018. The gross non-performing assets (NPAs) hit 16.58 per cent of the gross advances, as against 13.22 per cent by end March 2017, the bank said in a regulatory filing. Net NPAs rose to 8.26 per cent, as against 6.90 per cent.
In absolute terms, the gross NPAs or bad loans reached Rs 62,328.46 crore as on March 31, 2018, sharply up from Rs 52,044.52 crore a year ago. Net NPAs were Rs 28,207.27 crore, compared with Rs 25,305.05 crore.
Income in the March quarter of 2017-18 also fell to Rs 10,722.07 crore, from Rs 12,335.71 crore a year ago. Provisions for bad loans for January-March, 2017-18 were increased to Rs 6,699.23 crore from Rs 4,483.53 crore year ago same period.
BoI said: "Due to non availability of profit, no dividend is proposed." Stock of the bank closed 4.71 per cent higher at Rs 107.85 on BSE on Monday.