Bank of India Falls 3% on Asset Quality Concerns
Bank of India (BoI) shares fell over 3 per cent to Rs 273.60 as its first quarter numbers were below Street expectation.
Bank of India reported 16 per cent year-on-year (y-o-y) decline in its net profit to Rs 806 crore and its net interest income grew 6 per cent y-o-y to Rs 2,686 crore.
Analysts polled by NDTV had estimated BoI to report a net profit of Rs 665 crore on net interest income of Rs 2,840 crore.
Asset quality of the bank deteriorated further in the April-June quarter as Non-performing assets (NPA) of the bank increased in the reporting period. Its gross NPA increased to 3.28 per cent of its total advances as against 3.15 per cent last quarter and 3.04 per cent y-o-y.
Its net NPA also increased to 2.14 per cent as against 2 per cent sequentially and 2.10 per cent in the same period last fiscal.
As of 12.45 p.m. shares in Bank of India were down 2.85 per cent to trade at Rs 275.30 against 0.32 per cent decline in Nifty.
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