BoI Q4 Net Falls 26% to 558 crore
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.