Bank of India (BoI) has posted a net loss of R1,126.24 crore in the quarter-ended September compared to a net profit Rs 786 crore in the corresponding quarter last year even as provisions more than tripled.
This is the highest quarterly loss posted by the bank in at least 14 years, data from Capitaline show.
Provisions other than tax and contingencies rose to Rs 3,237.39 crore compared to Rs 963.43 crore in the second quarter of last fiscal.
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% while domestic NIMs stood at 2.66%, a press release said.
Asset quality deteriorated with the gross NPA as a percentage of gross advances rising 4.01% on a y-o-y basis to 7.55%. On a sequential basis also, gross NPAs saw a surge by 75 bps.
Net NPAs in the second quarter rose 1.99% on a y-o-y basis to 4.31%. On a sequential basis, it rose 20 bps. Operating profit saw a dip of 31.71% on a y-o-y basis to Rs 1,458.26 crore.