Bank of India Q2 Results: Worsening asset quality a concern
Bhagyashree Vivarekar / 10 Nov 2016
Bank of India is currently trading at Rs 120.75, up by 10.85 points or 9.87% from its previous closing of Rs 109.9 on the BSE. It reported a net profit of Rs 127 crore for the quarter as against a net loss of Rs 1,126 crore during the same period last year.
Technical View:
Bank of India is currently trading at Rs 120.75, up by 10.85 points or 9.87% from its previous closing of Rs 109.9 on the BSE. The scrip opened at Rs 113 and touched a high and low of Rs 123 and Rs 111.9, respectively. The stock is currently trading below its 50 DMA.
Standalone Results Q2FY17:
Bank of India’s Q2FY16 standalone NII for the period was Rs 2,720 crore, showing a 9.9% YoY decline.
The gross NPAs for the quarter recorded a 5.9% YoY increase to Rs 5226 crore, leading to a 590 bps worsening of asset quality. Thereby, gross NPA as a percentage of gross advances stood at 13.5%.
The bank's provisions for bad loans increased 112.6% YoY to Rs 2,190 crore.
It reported a net profit of Rs 127 crore for the quarter as against a net loss of Rs 1,126 crore during the same period last year. This was primarily due to the 29% YoY decline in total provisions for the period and 157% YoY increase in other income.
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