Bank of India net surges; stock rallies 8%

Business

oi-Sunil

By Sunil Fernandes

Updated: Thursday, October 31, 2013, 13:00 [IST]

Bank of India put in a spectacular performance for Q2 2013 with net profits rising to Rs 622 crores from Rs 302 crores in the corresponding period of the previous quarter.

What impressed the markets was a decline in the non performing assets, both at the gross and net levels. While the net non performing assets reduced to 1.85% from 2.10% in the previous quarter, the gross non performing assets reduced to 2.93% from 3.04%.

Provisions at the bank were placed at Rs 1232 crores.

Markets were impressed by the performance of the company and the stock surged 8% following the results,.

GoodReturns.in