REUTERS - Bank of India (BOI.NS), the country’s sixth biggest lender by assets, reported a 41 percent jump in second-quarter profit, handily beating analyst estimates, with its bad loan ratio easing.
Net profit rose to 1.79 billion rupees ($27.53 million) in the quarter ended Sept. 30, from 1.27 billion rupees a year earlier, the Mumbai-based bank said on Friday. bit.ly/2yqM6wL
Analysts on average had expected a net profit of 666 million rupees, according to Thomson Reuters Eikon data.
Gross bad loans as a percentage of total loans was 12.62 percent at end-September compared with 13.05 percent a quarter earlier, and 13.45 percent a year earlier.
Provisions for non-performing assets fell about 15 percent to 18.67 billion rupees.
($1 = 65.0275 Indian rupees)
Reporting By Samantha Kareen Nair in Bengaluru; Editing by Gopakumar Warrier