State-owned Bank of India reported a net loss in the quarter ended September this year due to a jump in provisions for bad loans. Dinabandhu Mohapatra, MD & CEO of the bank, spoke to CNBC-TV18 about the results.

"After many quarters our recovery and upgradation is more than net slippages," Mohapatra said.

Mohapatra said the bank is expecting a lot of recoveries in the third-quarter of FY19.

"We have sold and settled non-performing assets (NPAs) worth Rs 1,000 crore," said Mohapatra.

"Therefore, we are expecting some profit in Q3 of FY19 after making provisions to National Company Law Tribunal (NCLT) cases," he added.

Talking about the NPAs, he said, “When we were put under Prompt Corrective Action (PCA) our net non-performing asset (NPA) was 10.22 and from 10.22 we brought it to down to 7.64. Therefore, with NCLT resolutions, our asset sales and our own one time settlement (OTS) programme approved by our board, we are trying hard to go below 6 percent in Q3.”

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First Published:Nov 13, 2018 11:51 AM IST