Bank of India surged 9.55% to Rs 120.40 at 14:00 IST on BSE after the bank reported net profit of Rs 126.84 crore in Q2 September 2016 compared with net loss of Rs 1126.24 crore in Q2 September 2015.
The result was announced during market hours today, 10 November 2016.Meanwhile, the S&P BSE Sensex was up 463.59 points or 1.7% at 27,701.44.
High volumes were witnessed on the counter. On BSE, so far 17.07 lakh shares were traded in the counter as against average daily volume of 6.2 lakh shares in the past one quarter. The stock hit high of Rs 123 and low of Rs 111.90 so far during the day. The stock had hit a 52-week high of Rs 138.90 on 10 November 2015. The stock had hit a 52-week low of Rs 78.60 on 25 May 2016. The stock underperformed the market over the past one month till 9 November 2016, falling 6.19% compared with the Sensex's 2.88% fall. The scrip however outperformed the market in past one quarter, dropping 0.45% as against the Sensex's 2.96% decline.
The large-cap state-run bank has equity capital of Rs 1054.70 crore. Face value per share is Rs 10.
Bank of India's total income rose 1.33% to Rs 11469.11 crore in Q2 September 2016 over Q2 September 2015. The bank said that the figures of Q2 September 2016 are not comparable with those of Q2 September 2015.
The bank's provisions and contingencies fell 29.07% to Rs 2296.22 crore in Q2 September 2016 over Q2 September 2015. The provision coverage ratio stands at 55.23% compared with 55.08% in the previous period.
The bank's gross non-performing assets (NPAs) rose to Rs 52261.95 crore as on 30 September 2016 compared with Rs 51874.50 crore as on 30 June 2016 and Rs 29893.67 crore as on 30 September 2015. The ratio of gross NPAs to gross advances rose to 13.45% as on 30 September 2016 as against 13.38% as on 30 June 2016 and 7.55% as on 30 September 2015. The ratio of net NPAs to net advances stood at 7.56% as on 30 September 2016 compared with 7.78% as on 30 June 2016 and 4.31% as on 30 September 2015.
The Government of India held 73.72% stake in Bank of India (as per the shareholding pattern as on 30 September 2016).
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