Bank of India posts 41 per cent hike in profits for Q2

Bank of India posted a 41 per cent hike in profit for the second quarter of FY18 on Friday, following which the stock hit a 52-week high of Rs. 209.40 per share. The banking major’s profit stood at Rs. 179.1 crore for the second quarter of FY18 against Rs. 126.8 crore in the corresponding period.
 
The bank’s improved net interest income and asset quality covered up for a lower other income and operating income for the corresponding period. The net interest income of the bank increased by 6.9 per cent to Rs. 2,908 crore for the quarter on a year-on-year basis. The total advances of the bank also increased to Rs. 3.64 lakh crore in the second quarter of FY18 against Rs. 3.63 lakh in a year ago.
 
Following the announcement of the bank’s Q2 results, the stock surged to a high of Rs. 209.40 per share, up by over 8 per cent on BSE. However, the stock hit an intraday low of Rs. 191.85 per share, lower by nearly 4 per cent. The stock also witnessed a spurt in volume by over 2.82 times on Friday.
 
At 1459 hours, the stock was trading at Rs. 192.95 per share, lower by 3.55 per cent on BSE. Meanwhile, S&P BSE Sensex was trading at 33,112.14 level, lower by 0.42 per cent and NSE Nifty50 was trading at 10,257.70 level, lower by 0.50 per cent on Friday.