Shares of Bank of India on Friday gained 3 per cent after the firm reported an over two-fold jump in September quarter consolidated net profit.
The stock closed with a gain of 3.01 per cent at Rs 41.10 on BSE. During the day, it jumped 4.88 per cent to Rs 41.85.
At NSE, it rose by 2.89 percent to settle at Rs 41. In volume terms, 6.97 lakh shares were traded on BSE and over 71 lakh on NSE.
Bank of India on Friday reported an over two-fold jump in September quarter consolidated net profit at Rs 543.47 crore as bad assets came down.
Public sector lender Bank of India reported a healthy 26 per cent year-on-year (YoY) growth in its operating profit on the back of a 21 per cent increase in non-interest income and modest 6 per cent year-on-year growth in core interest income.
The bank’s provisioning coverage ratio is a whopping 88 per cent, which shows that it is more than insured against future risks. Bank of India also holds Rs 1,032 crores specifically towards COVID-19 stress.
It increased provisioning in the September quarter too. The management said that the need for provisioning will reduce from here on.
“I believe many of them (MSMEs) have started coming back in terms of loan demand. SME (small and mid-size enterprises) capacity utilization has recovered to 60-65 per cent from 20-25 per cent in April,” A.K. Das, Managing Director and Chief Executive Officer at Bank of India, said in a media interaction.