Bank of India Swings To First-Quarter Profit As Bad Loan Provisions Fall
Bank of India, the country's sixth biggest lender by assets, reported a first-quarter profit as its bad loan ratio narrowed and loan-loss provisions fell.
Net profit was Rs 87.71 crore in the quarter ended June 30, compared with a loss of Rs 741 crore a year earlier, the Mumbai-based bank said on Wednesday.
Analysts on average had expected a net loss of Rs 15.4 crore, according to Thomson Reuters data.
Gross bad loans as a percentage of total loans fell to 13.05 per cent at end-June from 13.22 per cent at March-end and 13.38 per cent at end-June last year.
Bank of India shares jumped more than 5 per cent after the results.
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