Bank of India has slipped 10% to Rs 187 after reporting 27% year on year (yoy) declined in net profit at Rs 586 crore for the third quarter ended December 31, 2013 (Q3), due to higher provisioning for bad loans. The state-owned lender had profit of Rs 803 crore in the same quarter year ago.
The bank’s net interest income (interest income minus interest expanded) grew 17.8% at Rs 2,719 crore in the quarter ended December 2013 as against Rs 2,308 crore in same quarter last year.
Analyst on an average had expected net profit of Rs 699 crore and net interest income of Rs 2,804 crore for the quarter.
On assets quality front, in absolute term, gross NPA (non performing assets) increased 16% yoy to Rs 10,023 crore while net NPA up 13% yoy to Rs 6,147 crore in the quarter ended December 2013.
The bank’s provisioning and contingencies jumped 53% at Rs 1,404 crore on yoy basis, Bank of India said in a statement.
The stock opened at Rs 204 and touched high of Rs 206 before announcement of Q3 results on the BSE. The counter has seen huge trading activity with a combined 11.78 million shares already changed hands till 1420 hours against an average sub 4 million shares that were traded daily in past two weeks on the BSE and NSE.
The bank’s net interest income (interest income minus interest expanded) grew 17.8% at Rs 2,719 crore in the quarter ended December 2013 as against Rs 2,308 crore in same quarter last year.
Analyst on an average had expected net profit of Rs 699 crore and net interest income of Rs 2,804 crore for the quarter.
On assets quality front, in absolute term, gross NPA (non performing assets) increased 16% yoy to Rs 10,023 crore while net NPA up 13% yoy to Rs 6,147 crore in the quarter ended December 2013.
The bank’s provisioning and contingencies jumped 53% at Rs 1,404 crore on yoy basis, Bank of India said in a statement.
The stock opened at Rs 204 and touched high of Rs 206 before announcement of Q3 results on the BSE. The counter has seen huge trading activity with a combined 11.78 million shares already changed hands till 1420 hours against an average sub 4 million shares that were traded daily in past two weeks on the BSE and NSE.
