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,.
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