Bank of India slumped 8.93% to Rs 50 after reporting net loss of Rs 3,571.41 crore in Q4 March 2020 compared with net profit of Rs 251.79 crore in Q4 March 2019.
Total income fell 0.63% to Rs 12,215.78 crore in Q4 March 2020 over Q4 March 2019. Pre-tax loss stood at Rs 5489.36 crore in Q4 March 2020 compared with pre-tax profit of Rs 405.75 crore in Q4 March 2019. The Q4 earnings was announced during market hours today, 25 June 2020.
The net profit was impacted by higher provisioning. Provisions and contingencies surged 329.10% to Rs 8,141.92 crore in Q4 March 2020 as against Rs 1,897.43 crore in Q4 March 2019. Provision coverage ratio stood at 83.75% as on 31 March 2020.
Gross non-performing assets (NPAs) stood at Rs 61,549.93 crore as on 31 March 2020 as against Rs 61,730.54 crore as on 31 December 2019 and Rs 60,661.12 crore as on 31 March 2019. The ratio of gross NPAs to gross advances stood at 14.78% as on 31 March 2020 as against 16.30% as on 31 December 2019 and 15.84% as on 31 March 2019. The ratio of net NPAs to net advances stood at 3.88% as on 31 March 2020 as against 5.97% as on 31 December 2019 and 5.61% as on 31 March 2019.
The CASA level increased from Rs 1,81,765 crore in March 2019 to Rs. 1,97,751 crore in March 2020, i.e. with a growth of 8.79%. The CASA ratio stood at 41.50% in March 2020.
The bank said that the COVID-19 crisis has resulted in significant volatility and decline in the global and local economic activities. The situation continues to be uncertain and the bank is evaluating the situation on ongoing basis. The major challenge for the bank would arise from volatility in cash flows. Despite these events and condition, there would not be any significant impact on banks results in future and on the going concern assumption.
Bank of India provides a wide range of banking products and financial services to corporate and retail customers. The Government of India holds 89.1% stake in Bank of India as on 31 March 2020.
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