Bank of India trims Q4 loss to Rs 1,045 crore

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New Delhi: Bank of India has narrowed net loss to Rs 1,045.54 crore in the fourth quarter of last fiscal as it contained bad loans.

The state-owned bank had interestingly announced a net loss of Rs 3,587.11 crore in the January-March quarter of the past monetary, 2015-16.

Bank of India said no profit has been proposed for 2016-17 because of non-accessibility of benefit.

Add up to wage amid January-March quarter of 2016-17 was higher at Rs 12,335.71 crore, from Rs 11,384.91 crore in the year-prior period.

For the entire fiscal, the bank’s net misfortune was at Rs 1,558.34 crore, down from lost Rs 6,089.21 crore year back.

Entire year pay was marginally higher at Rs 46,063.18 crore against Rs 45,449.01 crore in 2015-16, it said in the administrative documenting.

The narrowing down of misfortunes were predominantly ascribed to bring down provisioning of Rs 4,483.53 crore to cover for terrible credits amid the quarter, as against Rs 5,441.67 crore a year prior.

The bank’s gross non-performing resources (NPAs) or terrible advances were limited to 13.22 percent of the gross advances as toward the finish of March 2017, against 13.07 percent year prior.

Net NPAs were conveyed down to 6.90 percent of the net advances toward the finish of last financial, as against 7.79 percent a year prior.

The bank’s stock, post-result, tumbled 6.25 percent to Rs 167.35 a piece on BSE.

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