Provisioning for bad loans and contingencies rose to Rs 397.11 crore during the fourth quarter as against Rs 239.67 crore in the year-ago period.
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Bank of India has reported results for the fourth quarter and year ended March 31, 2016.
NCC Ltd has posted a net profit of Rs 70.05 crore for the fourth quarter ended March 31, 2016, up 38 per cent, against Rs 50.68 crore in the corresponding quarter a year ago on a standalone basis. Stressed loans – which includes loans in default and loans where the borrower is in trouble but have been given more time to repay – stands at Rs 57,586 crore or 15% of total loans as on March 2016. The bank had posted a net profit of Rs 101.61 crore in the January-March quarter of 2014-15 fiscal.
The bank provided Rs 353 crore towards pension liabilities and Rs 1,829 crore for accounts under asset quality review in the quarter.
Wonderla Holidays Ltd: Wonderla Holidays posted 14.89 per cent higher net profit at Rs. 7.56 crore for the quarter ended March 31, 2016 compared with Rs. 6.58 crore during the same period past year. Last year, RBI governor Raghuram Rajan had directed public sector banks them to classify loans of corporates which were failing to make timely repayments to some lenders as non-performing assets.
The bank’s total provisions more than doubled to Rs 5,470 crore in the March quarter from Rs 2,256 crore a year ago as its gross NPAs more than doubled to 13.07 per cent from 5.39 per cent, while net NPA too more than doubled to 7.79 per cent from 3.36 per cent. Income for the quarter was at Rs 2,780.26 crore against Rs 2,488.26 crore. Total provisions (other than taxes) increased from Rs 2,256 crore to Rs 5,470 crore in March 2016 quarter on a year-on-year basis.
MOIL: State-run MOIL reported a 79 per cent fall in standalone net profit at Rs 21.38 crore for the fourth quarter ended March 31. Out of this, around Rs 5,000 crore would be via equity.
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According to Rego, the bank is also looking at selling non-core assets of around Rs 1,000 crore in the current fiscal.
