Bank Of India's third quarter net profit fell 70.4 percent year-on-year to Rs 173.4 crore. Higher provisions, slow growth in net interest income and lower other income & operating profit impacted the profitability during the quarter.
Bank Of India 's third quarter net profit fell 70.4 percent year-on-year to Rs 173.4 crore. Higher provisions, slow growth in net interest income and lower other income & operating profit impacted the profitability during the quarter.
The public sector lender missed street expectations on all parameters. Profit was expected at Rs 818.6 crore and net interest income of Rs 3,148.3 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.
Net interest income increased 2.3 percent to Rs 2,780.2 crore during October-December quarter from Rs 2,719 crore in same quarter last year. Net interest income is the difference between interest earned and interest expended.
Other income (non-interest income) slipped 1.6 percent Y-o-Y to Rs 1,079.7 crore and operating profit declined 13 percent to Rs 1,865.4 crore in the quarter gone by.
Provisions for bad loans jumped 12.6 percent year-on-year (up 64 percent quarter-on-quarter) to Rs 1,580.7 crore during the quarter with the provision coverage ratio at 56.62 percent as on December, 2015.
Asset quality worsened in December quarter as gross non-performing assets (NPA) increased 126 basis points year-on-year (up 53 bps quarter-on-quarter) to 4.07 percent. Net NPA climbed 75 bps on yearly basis (up 18 bps sequentially) to 2.50 percent in the quarter gone by.
Capital adequacy ratio (as per Basel III norms) stood at 10.68 percent during the quarter, declined from 10.97 percent in previous quarter and 10.84 percent compared to year-ago period.
At 12:14 hours IST, the scrip of Bank Of India was quoting at Rs 230.30, down Rs 11.30, or 4.68 percent on the BSE.
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