Bank of India posts Rs 56 crore loss in Q4

State-owned Bank of India on Thursday reported a net loss of Rs 56.14 crore for the fourth quarter ended March 31, 2015, on higher provisioning for bad loans. The bank posted a net profit of Rs 557.51 crore in the January-March quarter of the previous fiscal, 2013-14.

Gross non-performing assets (NPAs) as a percentage of total advances shot up to 5.39 per cent in the fourth quarter, 2014-15, from 3.15 per cent in the year-ago period, Bank of India (BoI) said in a filing to the BSE.

Provisioning by the bank increased to Rs 2,255 crore in the March quarter of last fiscal, from Rs 1,547 crore in the same period of 2013-14.

Total income increased to Rs 12,286.98 crore during the March quarter, from Rs 11,274.09 crore a year ago. For the entire 2014-15 fiscal, BoI reported 37 per cent dip in standalone net profit at Rs 1,708.92 crore.

It had a net profit of Rs 2,729.27 crore in 2013-14. The total income rose to Rs 47,662.61 crore for the year ended March 31, 2015, from Rs 42,201.94 crore a year ago.

On a consolidated basis, the group reported a net profit of Rs 2,012.90 crore for 2014-15, down 32.6 per cent over previous year.

The group had a net profit of Rs 2,986.78 crore for the financial year ended March 31, 2014.  The Bank of India stock closed at Rs 190.60, down 6.61 per cent, on the BSE.