Bank Of India Swings To First Quarter Profit, Bad Loans Fall

Bank of India, the country's sixth biggest lender by assets, reported a first-quarter profit as its bad loan ratio narrowed and loan-loss provisions fell.

Net profit was Rs 877.1 million in the quarter ended June 30, compared with a loss of Rs 7.41 billion a year earlier, the Mumbai-based bank said on Wednesday (9 August).

Analysts on average had expected a net loss of Rs 153.8 million, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans fell to 13.05 per cent at end-June from 13.22 per cent at March-end and 13.38 per cent at end-June last year.

Bank of India shares jumped more than 5 per cent after the results.

 (Reuters)