Bank of India Q2 net profit dips 7 pct at Rs 1,156 crore
Shares of Bank of India Tuesday slumped over 7 per cent after the company reported a net loss of Rs 1,156.25 crore for the quarter ending September.
The stock dived 7.16 per cent to end at Rs 81 on the BSE. During the day, it tumbled 8.65 per cent to Rs 79.70.
On the NSE, shares of the company plunged 6.82 per cent to close at Rs 81.20.
In terms of the equity volume, 29.23 lakh shares of the company were traded on the BSE and over 3 crore shares changed hands on the NSE during the day.
State-owned Bank of India Monday reported a net loss of Rs 1,156.25 crore for the quarter ending September due to a jump in provisions for bad loans.
The bank had posted a net profit of Rs 179.07 crore in the corresponding July-September period of the last fiscal. It had a net profit of Rs 95.11 crore in the April-June quarter of the 2018-19 fiscal.
Total income of the bank fell to Rs 10,800.24 crore during the quarter ending September from Rs 11,600.47 crore in the same period of 2017-18, according to a regulatory filing by Bank of India.
Provisions towards bad loans rose to Rs 2,827.62 crore in the July-September quarter of 2018-19 from Rs 1,866.82 crore in the year-ago quarter.
Its gross non-performing assets (NPAs) hit 16.36 per cent of gross advances by September-end 2018 against 12.62 per cent as on September 30, 2017.
(With inputs from agencies.)