Bank of India shares slump over 10% on weak Q3 earnings

Shares of Bank of India today tumbled by over 10% after reporting 27% decline in net profit for the third quarter ended December 31.

 

The bank's scrip tanked 10.47% to settle at Rs 186.35 on the BSE. During the day, the stock slumped 11% to Rs 185.05.

 

At the NSE, shares of BoI dropped 10.16% to close the day at Rs 187.10.

 

Bank of India net profit declined to Rs 586 crore for the third quarter ended December 31, 2013.

 

The state-owned bank had posted a net profit of Rs 803 crore in the same quarter year ago.

 

The gross NPA (non performing assets) increased 16% to Rs 10,023 crore while net NPA was up 13% to Rs 6,147 crore in the quarter ended December 2013.

 

In the stock market, the BSE benchmark Sensex ended at 20,498.25, down 149.05 points.