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Bank of India fiscal Q4 loss widens YOY on higher provisions

Bank of India's net loss for the quarter ended March 31 widened year over year, driven in part by higher provisions for bad loans.

The bank's stand-alone net loss for the fiscal fourth quarter totaled 39.69 billion rupees, compared to a loss of 10.46 billion rupees in the prior-year quarter. Loss per share was 32.65 rupees, compared to 9.91 rupees in the quarter ended March 31, 2017.

Interest earned fell year over year to 93.47 billion rupees from 105.82 billion rupees. Other income slipped to 13.75 billion rupees from 17.54 billion rupees. Total income dropped to 107.22 billion rupees from 123.36 billion rupees, the bank said in its earnings release.

Operating expenses jumped to 27.67 billion rupees from 20.95 billion rupees. Operating profit before provisions and contingencies more than halved to 11.72 billion rupees from 31.27 billion rupees in the prior-year quarter.

Provisions and contingencies surged to 66.74 billion rupees from 47.36 billion rupees. Provisions for nonperforming assets totaled 66.99 billion rupees for the quarter, compared to 44.84 billion rupees in the quarter ended March 31, 2017.

For the fiscal year ended March 31, Bank of India reported a consolidated net loss of 59.61 billion rupees, or a loss of 51.83 rupees per share, compared to a net loss of 14.70 billion rupees, or a loss of 14.83 rupees per share, in the prior-year period.

As at March 31, the bank's consolidated gross nonperforming assets ratio was 16.51%, up from 13.20% as at March 31, 2017. Its net NPA ratio was 8.23%, up from 6.89% in the same period the prior year.

The bank's consolidated Basel III capital adequacy ratio was 13.54%, up from 12.62% in the prior-year period. Its common equity Tier 1 and Additional Tier 1 ratios were 8.52% and 1.84%, respectively, compared to 7.71% and 1.71%.

As of May 25, US$1 was equivalent to 67.80 Indian rupees.