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Bank of India net loss widens due to bad loans arising

Bank of India has declared its quarterly results on Tuesday. The bank’s top line has increased by 4.06 per cent to Rs 10501 crore in Q4FY16 as compared to previous quarter. Its Operating Profit Before Provisions and Contingencies has increased by 60.52 per cent to Rs 581 crore in Q4FY16 on a quarterly basis. Bank of India’s provisions and contingencies has increased by 51.79 per cent to Rs 5470 crore in Q4FY16 on a sequential basis. The bank’s net loss has widened in Q4FY16 and stands at Rs 3587 crore against a net loss of Rs 1506 crore in Q3FY16.

On the yearly front, Bank of India’s total earned interest has decreased by 3.64 per cent to Rs 42093 crore in FY16 as compared to previous financial year. The bank’s Operating Profit Before Provisions and Contingencies has declined by 25.95 per cent to Rs 2423 crore in FY16 on a yearly basis. Its provisions and contingencies expense has increased by more than two folds to Rs 3672 crore in FY16 as compared to previous fiscal year. Bank of India has posted net loss of Rs 6204 crore in FY16 while net profit of Rs 2013 crore in FY15.

On asset quality front, Bank of India’s bad loans have worsened in Q4FY16. The bank’s gross NPA stands at 13.09 per cent amounting to Rs 49879 crore as of Q4FY16 against 9.18 per cent amounting to Rs 36519 crore as of Q3FY16. Its net NPA stands at 7.79 per cent to Rs 27996 crore as of Q4FY16 while  at 5.25 per cent to Rs 19979 crore as of Q3FY16.

The share price of Bank of India has declined by 0.25 per cent on bourses; and closed at Rs 80.35 on an intra day basis.

Bank of India provides banking products and services in India. The Bank operates through three segments viz. Treasury Operations, Wholesale Banking and Retail Banking. It has approximately 4828 branches in India spread over all states/union territories, including specialised branches.

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