BoI Q4 Net Falls 26% to 558 crore

The Economic Times - - Front Page -

State-run Bank of In­dia on Thurs­day re­ported a 26% drop in net profit at .` 558 crore in the Jan­uary-March quar­ter driven down by as­set qual­ity woes. “Lower profit is due to in­creased pro­vi­sion­ing on the slip­pages which were higher in the quar­ter,” bank's chair­per­son and MD V R Iyer told re­porters here. To­tal pro­vi­sion­ing in the quar­ter stood at .` 1,439 crore, up 9.18% as against .` 1,318 crore in the year ago pe­riod. Fresh slip­pages in the quar­ter stood at .` 3,500 crore, she said, ex­ud­ing con­fi­dence that .` 1,500 crore of those as­sets will turn stan­dard in the next few quar­ters. These are “tech­ni­cal slip­pages” due to fac­tors like pro­mot­ers not be­ing able to bring in their eq­uity, which ren­dered their ac­count as non-per­form­ing, she added.

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