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Bank of India second-quarter profit rises, beats estimates
November 10, 2017 / 7:28 AM / 14 days ago

Bank of India second-quarter profit rises, beats estimates

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.

FILE PHOTO - Commuters walk past a bank sign along a road in New Delhi, India, November 25, 2015. REUTERS/Anindito Mukherjee/File Photo

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.

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

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