Bank of India shares plunge nearly 6% as Q1 net profit plummets

Shares of state-run lender Bank of India plunged nearly 6 percent Tuesday after it reported 84 percent decline in net profit for the April-June quarter of the current fiscal.

Mumbai: Shares of state-run lender Bank of India plunged nearly 6 percent Tuesday after it reported 84 percent decline in net profit for the April-June quarter of the current fiscal.

The scrip dipped 5.68 percent to settle at Rs 154.50 on the BSE. In intra-day, it dived 6.37 percent to Rs 153.35 -- its 52-week low.

At the NSE, shares of the company went down by 5.67 percent to settle at Rs 154.45.

The company's market valuation declined by Rs 1,334.44 crore to Rs 9,556.56 crore.

Bank of India (BoI) today reported 84 percent decline in net profit at Rs 129.72 crore in the April-June quarter of the current fiscal.

The bank had a net profit of Rs 805.69 crore in the first quarter of 2014-15 fiscal.

Provisioning during the first quarter rose to Rs 1,515 crore from Rs 893 crore in the same period last fiscal, BoI said in a NSE filing.

The gross Non-Performing Assets (NPAs) as a percentage of total loans spiked to 6.80 percent during the June quarter, from 3.28 per cent in the year-ago period.

The value of gross NPA stood at Rs 26,889 crore during the June quarter as against Rs 12,532 crore in the same quarter of last fiscal.

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