Bad loans

Bank of India posts Rs 35.87 billion net loss in 4th quarter

boi-wiki The main branch of the Bank of India in Mumbai | via Commons

Bank of India, India's third biggest state-run lender by assets, reported a fourth-quarter loss of 35.87 billion rupees ($529.92 million) as it set aside more money to cover a surge in bad loans.

This was the third straight quarterly loss for the Mumbai-based lender, which had reported a net loss of 561.4 million rupees the previous year.

Gross bad loans as a percentage of total loans rose to 13.07 per cent in the quarter ending March 2016, from 9.18 per cent in December. Provisions, including for loan losses, more than doubled from a year earlier to 54.70 billion rupees, the lender said in a regulatory filing.

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Topics : #banking

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