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Bank of India posts Q3 loss; bad loans soar

Reuters
A cashier counts rupee notes inside a bank in Mumbai December 6, 2013. REUTERS/Danish Siddiqui/Files

MUMBAI (Reuters) - Bank of India Ltd (BOI.NS), India's third-biggest state-run lender by assets, reported a loss for the December quarter as bad loans surged.

Net loss was 15.06 billion rupees ($220.31 million) for its fiscal third quarter to Dec. 31, compared with 1.73 billion rupees profit in the year-ago quarter, the lender said in a statement on Thursday.

Gross bad loans as a percentage of total loans for the bank jumped to 9.18 percent in the December quarter, compared with 7.55 percent in the previous three months.

($1 = 68.0850 Indian rupees)

(Reporting by Sumeet Chatterjee; Editing by Sherry Jacob-Phillips)