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05-Jun2017

Bank of India plans to divest stake in some other non-core subsidiaries

Bank of India is exploring opportunities to divest stake in some other non-core subsidiaries depending on right valuation. This step is taken in order to unlock capital and turn the corner as it has been saddled with bad loans.

The bank's gross non-performing assets (NPAs) or bad loans were restricted to 13.22% of the gross advances at the end of March 2017, marginally higher than 13.07% a year ago. Net NPAs however declined to 6.90% of the net advances at the end of last fiscal, as against 7.79% a year earlier.

The Bank has reported a net loss of Rs 1045.54 crore for the quarter ended March 31, 2017 as compared to a net loss of Rs 3587.11 crore for the same quarter in the previous year. However, total income of the Bank increased by 8.35% at Rs 12335.71 crore for quarter under review as compared to Rs 11384.91 crore for the quarter ended March 31, 2016.




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