New Delhi: Public sector Bank of India today posted a net profit of Rs 101.72 crore for the third quarter of the current fiscal on lower provisions for bad loans, sending shares to 52-week high levels in intra-day trade.
The bank had reported a net loss of Rs 1,505.58 crore in the corresponding October-December quarter of previous fiscal 2015-16.
"Total income has increased to Rs 11,594 crore during the third quarter of current fiscal from Rs 11,086.95 crore for the same quarter a year ago," Bank of India said in a regulatory filing.
Provisioning for bad loans was lower at Rs 2,546.20 crore in the quarter than Rs 3,603.92 crore in the third quarter of previous fiscal. On asset front, slippages rose with gross non performing assets (NPAs) standing at 13.38 per cent of the gross advances during the quarter against 9.18 per cent a year ago.
Gross NPAs in the third quarter, however, were lower than that of 13.45 per cent of gross advances in the previous quarter. Net NPAs were up at 7.09 per cent of net advances in December quarter against 5.25 per cent in the year-ago period but lower than that of 7.56 per cent in the previous quarter.
In absolute terms, gross NPAs or bad loans were at Rs 51,781.06 crore as on December 31, 2016 against Rs 36,519. 14 crore. Net NPAs stood at 25,534.41 crore, up from Rs 19,978.14 crore.
Following the announcement shares of Bank of India jumped to 52-week high of Rs 138.55 on BSE. The stock was trading at Rs 135.10 with gains of 1.85 per cent at 1420 hrs.
