Bank of India (BOI) has surged 10% to Rs 190 after reporting more than 100% year on year (yoy) growth in net profit at Rs 622 crore for the quarter ended September 2013 (Q2) as bad loan falls. The state owned bank had posted profit of Rs 302 crore in year ago quarter.
The bank’s net interest income grew 15% yoy to Rs 2,527 crore, while provisioning for bad loans declined by 21% at Rs 1,232 crore over the previous year quarter, BOI said in a statement.
Quality of assets during the quarter under review improved with the net NPA (non performing assets) ratio down to 1.85% from 2.04% a year ago. Net NPA stood at 2.1% at the end of June quarter.
The stock opened at Rs 175 and hit a low of Rs 174 in early morning deals on BSE. A combined 6.69 million shares have changed hands on the counter till noon deals on BSE and NSE.
The bank’s net interest income grew 15% yoy to Rs 2,527 crore, while provisioning for bad loans declined by 21% at Rs 1,232 crore over the previous year quarter, BOI said in a statement.
Quality of assets during the quarter under review improved with the net NPA (non performing assets) ratio down to 1.85% from 2.04% a year ago. Net NPA stood at 2.1% at the end of June quarter.
The stock opened at Rs 175 and hit a low of Rs 174 in early morning deals on BSE. A combined 6.69 million shares have changed hands on the counter till noon deals on BSE and NSE.
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