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Business EconomyPosted at: Nov 12 2018 6:02PM


Bank of India Q2 net loss at Rs 1,156 crore

Mumbai, Nov 12(UNI) Public sector lender Bank of India on Monday reported a net loss of Rs 1,156.25 crore for the quarter ended September 30 2018 as compared with net profit of Rs 179.07 crore for the quarter same quarter last fiscal.
The net profit was impacted by higher loan loss provision due to aging of NPAs and MTM provisions.
Total income of the bank fell by 6.90 percent Rs 10,800.24 crore for the quarter ended September 30, 2018 as compared with Rs 11,600.47 crore for the same quarter a year ago Provisions towards bad loans rose to Rs 2,827.62 crore for the quarter ended September 30, 2018 from Rs 1,866.82 crore in the year-ago quarter.
Its gross non-performing assets (NPAs) hit 16.36 per cent of gross advances by September-end 2018 against 12.62 per cent as on September 30, 2017.
Net NPAs jumped to 7.64 per cent at September-end from 6.47 per cent in the year-ago period. As on June 30, 2018, the net NPA proportion was at 8.45 per cent.
In value terms, gross NPAs of the bank stood at Rs 61,560.65 crore for the quarter ended of September 30, 2018 as against Rs 49,306.90 crore in the year-ago period. Net NPA stood at Rs 25,994.15 crore as against Rs 23,565.73 crore.
Net interest income the difference between interest earned and expended saw a marginal deterioration at Rs 3,019.74 crore in the second quarter compared to Rs 3,030.72 crore in the same period last year. Global net interest margins stood at 2.21 pc while domestic NIMs stood at 2.66 pc, an official statement said.
Asset quality deteriorated with the gross NPA as a percentage of gross advances rising 4.01 percent on a y-o-y basis to 7.55 percent On a sequential basis also, gross NPAs saw a surge by 75 bps.
UNI JS JW1801
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Tags: #Bank of India Q2 net loss at Rs 1#156 crore
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