Bank of India, India's third biggest state-run lender by assets, reported a fourth-quarter loss of Rs 3,587 crore 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 Rs 56.14 crore 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 Rs 5,470 crore, the lender said in a regulatory filing.
This was the third straight quarterly loss for the Mumbai-based lender, which had reported a net loss of Rs 56.14 crore 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 Rs 5,470 crore, the lender said in a regulatory filing.
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