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Bank of India second-quarter profit rises, beats estimates



NS>, the country's sixth biggest lender by assets, reported a 41 percent jump in second-quarter profit, handily beating analyst estimates, with its bad loan ratio easing.

Net profit rose to 1.79 billion rupees ($27.53 million) in the quarter ended Sept. 30, from 1.27 billion rupees a year earlier, the Mumbai-based said on Friday.

Analysts on average had expected a net profit 666 million rupees, according to Thomson Eikon data.

Gross bad loans as a percentage total loans was 12.62 percent at end-September compared with 13.05 percent a quarter earlier, and 13.45 percent a year earlier.

Provisions for non-performing assets fell about 15 percent to 18.67 billion rupees.

($1 = 65.0275 Indian rupees)

(Reporting By Samantha Kareen Nair in Bengaluru; Editing by Gopakumar Warrier)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 10 2017. 12:57 IST