Bank of India posts Rs 1,126.24 cr loss for July-September

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New Delhi | November 9, 2015 8:39 PM

State-run Bank of India today posted a net loss of Rs 1,126.24 crore for the second quarter ending September 30, mainly due to high provisioning for bad loans.

State-run Bank of India today posted a net loss of Rs 1,126.24 crore for the second quarter ending September 30, mainly due to high provisioning for bad loans.

The bank had posted a net profit of Rs 786 crore in the same quarter previous year.

Total income of the third largest public sector bank by assets decreased to Rs 11,317.97 crore in the quarter under review from Rs 12,099.45 crore in the corresponding period of last fiscal.

In a regulatory filing, the bank said that the Gross Non-Performing Assets more than doubled to 7.55 per cent of total loans from 3.54 per cent in the same period last fiscal.

Similarly, the net NPAs soared to 4.31 per cent in July-September 2015-16 quarter from 3.23 per cent in the similar three months period last year.

As per the filing, the bank has made a provisioning (other than taxes) of Rs 3,237.39 crore in the second quarter of the fiscal as against Rs 963.43 crore in the year ago period.

In the first half of the current fiscal, the bank has suffered a loss of Rs 996.52 crore as against a profit of Rs 1,591.69 crore in April-September period of previous fiscal.

Bank of India shares closed 0.71 per cent down, at Rs 133.45 apiece on the BSE.

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