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, in contrast, reported a net loss of Rs 3,587.11 crore in the January-March quarter of the previous fiscal, 2015-16.
Bank of India said no dividend has been proposed for 2016-17 due to non-availability of profit. Total income during January-March quarter of 2016-17 was higher at Rs 12,335.71 crore, from Rs 11,384.91 crore in the year-ago period.
For the entire fiscal, the bank’s net loss was at Rs 1,558.34 crore, down from a loss of Rs 6,089.21 crore a year ago. Full year income was slightly higher at Rs 46,063.18 crore against Rs 45,449.01 crore in 2015-16, it said in the regulatory filing.
The narrowing down of losses were mainly attributed to lower provisioning of Rs 4,483.53 crore to cover for bad loans during the quarter, as against Rs 5,441.67 crore a year ago.
The bank’s gross non-performing assets (NPAs) or bad loans were restricted to 13.22 per cent of the gross advances as at the end of March 2017, against 13.07 per cent year ago. Net NPAs were brought down to 6.90 per cent of the net advances at the end of last fiscal, as against 7.79 per cent a year earlier.
The bank’s stock, post-result, tumbled 6.25 per cent to Rs 167.35 a piece on BSE.