Bank of India share price declined 4.8% intraday on June 25 after the public sector lender reported a massive loss for the March quarter of 2020.
The stock, which has corrected 40% in the last year, was trading at Rs 52.30, down 4.74% on the BSE at 14:33 hours.
The state-owned lender posted a net loss of Rs 3,571.4 crore in March quarter as provisions and contingencies jumped 329% due to additional provisions of Rs 3,941.36 crore in six NPA accounts. It had reported a profit of Rs 251.8 crore in the corresponding period of the last fiscal.
Net interest income in Q4 fell 6.2% to Rs 3,793 crore YoY, while the net interest margin declined by 3 basis points to 2.90% YoY.
Asset quality improved on lower slippage, which was at Rs 2,764 crore as of March 2020 against Rs 6,716 crore in December quarter.
Gross non-performing assets as a percentage of gross advances fell 150 bps sequentially to 14.8% and net NPA dropped 210 bps QoQ to 3.9% in Q4FY20.
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