MUMBAI (Reuters) - Bank of India , India's third biggest state-run lender by assets, reported a fourth-quarter loss of 35.87 billion rupees ($529.92 million) as it set aside more money to cover a surge in bad loans.
This was the third straight quarterly loss for the Mumbai-based lender, which had reported a net loss of 561.4 million rupees the previous year.
Gross bad loans as a percentage of total loans rose to 13.07 percent in the quarter ending March 2016, from 9.18 percent in December. Provisions, including for loan losses, more than doubled from a year earlier to 54.70 billion rupees, the lender said in a regulatory filing.
($1 = 67.6900 Indian rupees)
(Reporting by Devidutta Tripathy and Suvashree Dey Choudhury; Editing by Sherry Jacob-Phillips)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories
Over 30 subscriber-only stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app