Shares of Bank of India tumbled over 11 per cent today after the company reported net loss of Rs 1,045.54 crore in the fourth quarter of last fiscal. The bank said no dividend has been proposed for 2016-17 due to non-availability of profit. The stock tanked 11.23 per cent to settle at Rs 158.45 on BSE. During the day, it slumped 12.63 per cent to Rs 155.95. On NSE, shares of the company dived 11.10 per cent to Rs 158.50.
The bank’s market valuation plunged by Rs 2,114.36 crore following the dip in stock price to Rs 16,711.64 crore. On the volume front, 31 lakh shares of the company were traded on BSE and over 2 crore shares changed hands on NSE during the day.
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.
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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. 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.