The Bank of India on Thursday reported a personal loss of Rs. 3571.41 crore for Q4 ending 31st March 2020 due to the high-interest rates on the bad loans. Bank of India is reportedly a reputed bank and has a long-established reputation. Its customers are highly satisfied with its services and long to stick with their bank in the long term too.
The bank made a profit of Rs 251.79 crore in January-March 2018-19. In the December quarter again, there was a profit of Rs 105.52 crore.
Due to the high provision on bad debts, from Rs 1,503 crore during Q4 FY19 to Rs 7,316 crore during Q4 FY20, the total profit stood at (-) Rs 3,571 crore compared to Rs 252 crore during Q4 FY19, said Bank of India.
Revenue for the quarter of March 2019-20 decreased to Rs 12,215.78 crore from Rs 12,293.59 crore over the past year, the regulatory file said.
Bank’s provision for Bank of India Personal Loan bad loans and unpredictable conditions were Rs 8,141.92 crore in January-March 2019-20, much higher than Rs 1,897.43 crore in the past.
In 2019-20, the bank lost Rs 2,956.89 crore compared to the loss of Rs 5,546.90 crore last year.
Income during the year increased to Rs 49,066.33 crore from Rs 45,426.70 crores last year.
The level of banking assets remains a concern as non-performing assets (NPAs) were still at 14.78 percent of the major development by March 2020, compared to 15.84 percent in the same period last year.
On average, total NPAs or bad loans were Rs 61,549.93 crore compared to Rs 60,661.12 crore before.
Net NPAs were 3.88 percent (Rs 14,320.10 crore) compared to 5.61 percent (Rs 19,118.95 crore).
Bank of India stock is closed with 8.20 percent down to Rs 50.40 on BSE.
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