MUMBAI: Bank of India Ltd, India’s third-biggest state-run lender by assets, reported a loss for the December quarter as bad loans surged.
Net loss was 15.06 billion rupees ($220.31 million) for its fiscal third quarter to Dec. 31, compared with 1.73 billion rupees profit in the year-ago quarter, the lender said in a statement on Thursday.
Gross bad loans as a percentage of total loans for the bank jumped to 9.18 percent in the December quarter, compared with 7.55 percent in the previous three months.
Copyright Reuters, 2016
Courtesy : BRecorder