REUTERS - Bank of India Ltd, the country’s sixth-biggest lender by assets, reported a fourth-quarter net loss of 10.46 billion rupees ($162.08 million) as provisions for bad loans remained high.
Net loss for the quarter ended March 31 narrowed from a loss of 35.87 billion rupees a year earlier, the Mumbai-based lender said in a statement on Monday. (bit.ly/2rJJyGt)
Analysts on average had expected a net profit of 602.3 million rupees, according to data compiled by Thomson Reuters.
Bad loans as a percentage of total loans rose to 13.22 percent at the end of March, compared with 13.38 percent in the preceding quarter, and 13.07 percent a year ago.
Provisions for non-performing assets fell to 44.84 billion rupees from 54.42 billion rupees a year earlier, the bank said.
Shares of the bank were trading down 2.9 percent by 0734 GMT on the National Stock Exchange.
($1 = 64.5375 Indian rupees)
Reporting by Aby Jose Koilparambil and Samantha Kareen Nair in Bengaluru; Editing by Subhranshu Sahu and Sunil Nair