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Bank Of India Shares Plunge On Rs. 1,046 Crore Loss In Q4
Bank of India shares plunged over 7 per cent on Monday after the country\'s sixth-biggest lender by assets, reported a fourth-quarter net loss of Rs. 1,046 crore on higher provisions for bad loans. Bank of India\'s net loss for the quarter ended March 31 narrowed from a loss of Rs. 3,587 crores a year earlier, the Mumbai-based lender said in a statement on Monday.
Bank of India shares plunged over 7 per cent on Monday after the country's sixth-biggest lender by assets, reported a fourth-quarter net loss of Rs. 1,046 crore on higher provisions for bad loans. Bank of India's net loss for the quarter ended March 31 narrowed from a loss of Rs. 3,587 crores a year earlier, the Mumbai-based lender said in a statement on Monday.
Analysts on average had expected a net profit of Rs. 60.23 crore, according to data compiled by Thomson Reuters.
Bad loans as a percentage of total loans rose to 13.22 percent at the end of March, compared with 13.38 percent in the preceding quarter, and 13.07 percent a year ago.
Provisions for non-performing assets fell to Rs. 4,484 crore from Rs. 5,442 crore a year earlier, the bank said.
As of 1:30 pm, Bank of India shares traded 6.42 per cent lower at Rs. 166.85 apiece, compared to 0.14 per cent gain in the broader Nifty.
