Provisions for bad loans take BoI into the red

Bank of India on Monday posted a third-quarter net loss as provisions for bad loans surged. Net loss came in at ~23.41 billion for the quarter ended December 31, compared with a profit of ~1.02 billion a year ago. Analysts on average had expected the company to post a loss of ~693.9 million, data showed. Gross bad loans as a percentage of total loans stood at 16.93 percent at endDecember, compared with 12.62 percent in the previous quarter and 13.38 percent a year ago.