February 12, 2018 / 10:59 AM / 9 days ago

Bank of India posts Q3 loss on bad-loan provisions spike

Feb 12 (Reuters) - Bank of India Ltd on Monday posted a third-quarter net loss as provisions for bad loans surged.

Net loss came in at 23.41 billion rupees ($363.96 million) for the quarter ended Dec. 31, compared with a profit of 1.02 billion rupees a year ago. bit.ly/2somvGd

Analysts on average had expected the company to post a loss of 693.9 million rupees, Thomson Reuters Eikon data showed.

Gross bad loans as a percentage of total loans stood at 16.93 percent at end-December, compared with 12.62 percent in the previous quarter and 13.38 percent a year ago.

Provisions for bad loans rose about 72 percent to 43.73 billion rupees. ($1 = 64.3200 Indian rupees) (Reporting by Krishna V Kurup in Bengaluru)

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