Bank of India has purchased the 49% stake in ‘BOI Shareholding’ from BSE pursuant to which BOI Shareholding has become wholly owned subsidiary of the bank. Prior to the transaction, Bank of India and BSE were holding 51% and 49% stake in BOI Shareholding respectively.
Bank of India has reported a net loss of Rs 1126.24 crore for the quarter ended September 30, 2015 as compared to net profit of Rs 786 crore for the same quarter in the previous year. The total income of the bank has decreased by 6.46% at Rs 11317.97 crore for the quarter under review as compared to Rs 12099.45 crore in the corresponding quarter of the previous year.
Gross non-performing assets (NPAs) of the bank have increased to 7.55% for the quarter as against 3.54% in the same quarter previous year. Besides, bank’s Net NPA stood at 4.31% in Q2FY16.
