Bank of India surged 6.48% to Rs 223.45 at 13:09 IST on BSE after the bank said its board has approved the raising of bank's Tier-1 capital by issue of fresh equity shares aggregating Rs 1000 crore to the government on preferential allotment basis.
The announcement was made after market hours on Thursday, 31 October 2013.
Meanwhile, the S&P BSE Sensex was up 13.83 points or 0.07% at 21,178.35.
The stock surged on heavy volumes. On BSE, 31.08 lakh shares were traded in the counter as against average daily volume of 4.16 lakh shares in the past one quarter.
The stock hit a high of Rs 230.70 and a low of Rs 209.30 so far during the day. The stock had hit a 52-week high of Rs 392.20 on 18 January 2013. The stock had hit a 52-week low of Rs 126.95 on 28 August 2013.
The stock outperformed the market over the past one month till 31 October 2013, surging 32.93% as compared to the Sensex's 9.21% rise. The scrip had also outperformed the market in the past one quarter, jumping 13.83% compared with the Sensex's 9.4% rise.
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The large-cap state-run bank has equity capital of Rs 595.90 crore. Face value per share is Rs 10.
Bank of India (BoI) said after market hours on Thursday, 31 October 2013, that the board of directors of the bank at its meeting held on 31 October 2013 has approved the raising of Tier-1 capital by issue of fresh equity shares to the Government of India (Promoters) aggregating Rs 1000 crore (inclusive Premium amount), on preferential basis, subject to necessary approvals.
Shares of BoI had rallied 21.25% to settle at Rs 209.90 on Thursday, 31 October 2013 after the bank during trading hours on that day reported strong Q2 earnings.
BoI's net profit surged 105.98% to Rs 621.77 crore on 16.18% growth in total income to Rs 10339.55 crore in Q2 September 2013 over Q2 September 2012. Operating profit rose 13.43% to Rs 2103 crore in Q2 September 2013 over Q2 September 2012. Net interest income (NII) rose 15.07% to Rs 2527 crore in Q2 September 2013 over Q2 September 2012. Non-interest income grew 23.04% to Rs 1100 crore.
Global net interest margin (NIM) improved to 2.39% in Q2 September 2013 from 2.35% in Q2 September 2012. Domestic NIM improved to 2.93% in Q2 September 2013 from 2.7% in Q2 September 2012.
Global deposits grew 29.93% to Rs 432282 crore as on 30 September 2013 from Rs 332694 crore as on 30 September 2012. Advances rose 29.36% to Rs 336823 crore as on 30 September 2013 from Rs 260379 crore as on 30 September 2012.
CASA deposits rose 13.85% to Rs 95828 crore as on 30 September 2013 from Rs 84170 crore as on 30 September 2012.
Gross non-performing assets (NPA) ratio improved to 2.93% as on 30 September 2013 from 3.04% as on 30 June 2013 and 3.42% as on 30 September 2012. Net NPA ratio improved to 1.85% as on 30 September 2013 from 2.1% as on 30 June 2013 and 2.04% as on 30 September 2012.
Provision coverage ratio improved to 63.29% as on 30 September 2013 from 60.96% as on 30 September 2012.
The bank's Capital Adequacy Ratio (CAR) under Basel II norms stood at 11.3% as on 30 September 2013. CAR as per Basel III norms stood at 10.77% as on 30 September 2013 (including additional capital infusion of Rs 1000 crore approved by Government of India).
The Government of India holds 64.11% stake in BoI (as per the shareholding pattern as on 30 September 2013). As of 30 September 2013, BoI's distribution network stood at 4,479 branches and 2,905 ATMs.
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