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. http://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.