Bank of India slips on weak Q4 earnings

Net profit for the fourth quarter declined 26% to Rs 557.50 crore y-o-y

Shares of Bank of India were down over 4% at Rs 261 after the state-owned bank reported decline in net profit because of higher operating expenses while asset quality concerns also weighed on the stock.

Net profit for the quarter declined 26% to Rs 557.50 crore compared with Rs 756.60 crore in the same quarter last fiscal.

Operating expenses for the quarter increased 28% to Rs 822 crore from Rs 640 crore in the corresponding quarter last fiscal.

Gross non-performing assets for the fourth increased to 3.15% compared with 2.81% in the third quarter. Net non-performing assets for the fourth increased to 2% from 1.75% in the third quarter.

The stock opened at Rs 274.20 and hit a high/low of Rs 281.95/259.05 on the BSE. Over 11 million shares were traded on both the stock exchanges so far.