Had the option of taking a loan from many new banks, but chose Bank of India as my father had a banking relationship there. Charged a slightly high interest rate, but low processing fees. Took almost a month to approve the loan. But was not in a hurry. They can however improve their processes and custome serviceMoreLess
12th Aug 16 Bank of India reports Q1 loss of Rs741 crore on stressed assets
As per the results for Q1FY17, Bank of India Ltd reported a Net Loss of Rs.741.36 crore in the June quarter as compared with Net Profit of Rs.129.72 in year ago period, as the bank had to provide for higher provisions against bad loans. The provisions increased by 82.8 percent to Rs. 2,770.19 crore when compared on a yoy basis. Net Interest Income decreased by 3.79 percent to Rs. 2,802.17 crore in June quarter when compared on yearly basis.
Gross NPAs were 13.38 percent at the end of the June quarter as compared with 13.07 percent in the previous quarter, a growth of 31 bps. Net NPAs were at 7.78 percent in the June quarter against 7.79 percent in the previous quarter and 4.11 percent in the same quarter last year
25th May 16 BoI March quarter net loss at Rs 3,587 Cr as bad loans rises
Bank of India posted net loss of Rs 3,587 crore in the quarter ended March 31, 2016, on a sharp rise in provisions for bad loans. This is the third consecutive quarter for which it posted a loss in FY16. For 2015 to 2016, its net loss was Rs 6,089 crore against net profit of Rs 1,708 crore in FY15. The provisions and contingencies, mostly for non-performing assets (NPAs), rose to Rs 5,470 crore in the fourth quarter of FY16 from Rs 2,255 crore in the corresponding quarter of FY15. The provision coverage ratio for bad loans stood at 51.14 per cent at the end of FY16.