Bank of India hits 52-week low after Q1 results

Bank of India was down 5.49% to Rs 71.5 at 13:31 IST on the BSE after bank's net profit rose 155% to Rs 242.62 crore on 8.42% increase in total income to Rs 11,526.95 crore in Q1 June 2019 over Q1 June 2018.

The result was announced during market hours today, 30 July 2019.

Meanwhile, the S&P BSE Sensex was up by 72.13 points or 0.19% to 37,758.38.

On the BSE, 14.74 lakh shares were traded in the counter so far compared with average daily volumes of 8.65 lakh shares in the past two weeks. The stock had hit a high of Rs 76.5 so far during the day. The stock had low a low of Rs 70.55 so far during the day, which is also 52-week low for the counter. It hit a 52-week high of Rs 110.55 on 7 January 2019.

The bank's gross non-performing assets (NPAs) stood at Rs 62,068.40 crore as on 30 June 2019 as against Rs 60,661.12 crore as on 31 March 2019 and Rs 60,604.46 crore as on 30 June 2018.

The ratio of gross NPAs to gross advances stood at 16.5% as on 30 June 2019 as against 15.84% as on 31 March 2019 and 16.66% as on 30 June 2018.

The ratio of net NPAs to net advances stood at 5.79% as on 30 June 2019 as against 5.61% as on 31 March 2019 and 8.45% as on 30 June 2018.

The bank's provisions and contingencies fell 25.44% to Rs 1911.98 crore in Q1 June 2019 over Q1 June 2018. Of this, provisions for NPAs fell 17.10% to Rs 1873.28 crore in Q1 June 2019 over Q1 June 2018.

The bank's provision coverage ratio increased to 77.18% as on 30 June 2019 compared with 66.67% on 30 June 2018.

The bank's capital adequacy ratio (Basel III) increased to 14.35% in Q1 June 2019 from 11.43% in Q1 June 2018.

Bank of India provides a wide range of banking products and financial services to corporate and retail customers.

The Government of India holds 89.1% stake in Bank of India as on 30 June 2019.

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