 "Bank of India hits 52-week low on Q4 loss")
Shares of Bank of India plunged 8% to Rs 188, also its 52-week lows on the NSE, after the bank reported a standalone net loss of Rs 56 crore in the fourth quarter ended March 31, 2015 (Q4), due to lower interest income and higher employee costs.
The government-owned bank had reported a profit of Rs 558 crore in the same quarter last year.
The bank’s net interest income (interest earned minus interest expended) during the quarter under review declined by 6.5% to Rs 2,846 crore against Rs 3,047 crore in the corresponding quarter of previous fiscal.
Asset quality has worsened on sequential as well as yearly basis. Gross non-performing assets (NPA) as percentage of gross advances rose to 5.39% in the March 2015 quarter from 4.07% in the December 2014 quarter and 3.15% in the March 2014 quarter. The bank's net NPAs during the quarter stood at 3.36% compared to 2.50% in the previous quarter and 2% in last year's corresponding quarter.
The trading volumes on the counter jumped more than three-fold, with a combined 15.2 million shares changing hands on the NSE and BSE.
At 1512 hours, the stock was down 6% at Rs 192 on the NSE.
The government-owned bank had reported a profit of Rs 558 crore in the same quarter last year.
The bank’s net interest income (interest earned minus interest expended) during the quarter under review declined by 6.5% to Rs 2,846 crore against Rs 3,047 crore in the corresponding quarter of previous fiscal.
Asset quality has worsened on sequential as well as yearly basis. Gross non-performing assets (NPA) as percentage of gross advances rose to 5.39% in the March 2015 quarter from 4.07% in the December 2014 quarter and 3.15% in the March 2014 quarter. The bank's net NPAs during the quarter stood at 3.36% compared to 2.50% in the previous quarter and 2% in last year's corresponding quarter.
The trading volumes on the counter jumped more than three-fold, with a combined 15.2 million shares changing hands on the NSE and BSE.
At 1512 hours, the stock was down 6% at Rs 192 on the NSE.
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