Moneycontrol
Jan 28, 2013 04:07 PM IST | Source: Moneycontrol.com

Bank of India Q3 beats forecast, profit up 12% to Rs 804 cr

Public sector lender Bank of India's third quarter (October-December, 2012-13) net profit rose to a forecast beating 12% year-on-year at Rs 803 crore, driven by growth in the net interest income. Other income coupled with lower tax expenses too added to the profit margin.


Moneycontrol Bureau


Public sector lender Bank of India's (BoI's) third quarter (October-December, 2012-13) net profit  rose to a forecast beating 12% year-on-year at Rs 803 crore, driven by growth in the net interest income. Other income coupled with lower tax expenses too added to the profit margin.


Other income increased 10% to about Rs 940 crore while the bank's tax expenditure more than halved to Rs 137 crore as against Rs 323 crore a year back.


During the quarter, net interest income (NII) or the difference between interest earned and paid out, rose by about 12% y-o-y to Rs 2,308 crore. Total loan book expanded 20% y-o-y to Rs 2.76 lakh crore. 


Analysts on an average were expecting profit after tax at Rs 754 crore and NII at Rs 2,285 crore for the quarter.


Gross non-performing asset (NPA) ratio improved from 3.42% to 3.08% quarter-on-quarter while net NPA ratio stood at 1.97% as against 2.04% in the July-September quarter. Accordingly, provisions and contingencies fell from Rs 1,552 crore to Rs 916 crore during the same period.


The bank's deposit base climbed nearly 14% y-o-y to Rs 3.49 lakh crore.


At 13:30 hours IST, BoI shares were trading flat at Rs 364 on NSE after hitting intra-day hight at Rs 378 on a good quarterly performance.

saikat.das@network18online.com 

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