Bank of India Suffers Loss
Government-owned Bank of India reported a net loss of Rs 3,571 crore in the quarter ended March against a profit of Rs 252 crore in Q4 FY19. It said the downturn was largely due to higher provisions on bad debts. However, the operating profit increased by 15 per cent from Rs 2,303 crore in Q4 FY19 to Rs 2,653 crore in Q4 FY20. The global net interest margin stood was flat at 2.9 for Q4 FY20 while the cost to income ratio reduced from 59 per cent in Q4 FY19 to 51.6 per cent in Q4 FY.
For the full fiscal ended March, the net loss on account of higher non-performing assets (NPAs) provisions of Rs 14,416 crore stood at Rs 2,957 crore against a loss of Rs 5,547 crore during FY19.