Shares of public sector lender Bank of India tanked as much as 8 per cent to an intraday low of Rs 188.55 on Thursday after the bank said that its non-performing loans soared in March fourth quarter.
Bank of India's gross non-performing assets (GNPA) as a percentage of total advances came in at 5.39 per cent against estimate of 4.2 per cent. Its GNPA ratio was 4.1 per cent in the December quarter.
The bank reported a net loss of Rs 56 crore against a profit of Rs 557 crore in the same quarter last year.
Analysts polled by NDTV had estimated the public lender to report a net profit of Rs 485 crore.
Bank of India's net interest income (NII), which is the difference between the interest earned on advances and interest expended on deposits fell 7 per cent annually to Rs 2,846 crore. Analysts polled by NDTV had estimated its NII at RS 2,950 crore.
Shares of Bank of India closed 6.22 per cent lower at Rs 191.40 apiece, compared to 0.48 per cent fall in the NSE's banking sub-index Bank Nifty.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
