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Bank of India shares close nearly 4% higher on upbeat Q1 earnings

LiveMint logoLiveMint 09-08-2017 PTI

New Delhi: Shares of Bank of India (BOI) on Wednesday rose by nearly 4% after the company swung into black by registering a standalone net profit of Rs 87.71 crore for the first quarter ended June.

The stock gained 3.77% to settle at Rs 158.45 on BSE.

During the day, it soared 7% to Rs 163.40. On NSE, it jumped 3.86% to close at Rs 158.45.

In terms of equity volume, 20.82 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day. The bank had reported a net loss of Rs 741.36 crore in the April-June quarter of previous fiscal due to bad assets and higher provisioning to cover it.

The bank improved on its asset front with gross non- performing assets falling to 13.05% of the gross advances as on 30 June 2017 from 13.38% at the end- June 2016.

Net NPAs or bad loans also fell to 6.70% of the net advances by June end this year, as against 7.78% a year ago.

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