Bank of India swings from loss to profit in Q1, bad loans fall

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Bank of India (BOI), 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 87.71 crore in the quarter ended June 30, compared with a loss of Rs 741 crore a year earlier, the Mumbai-based bank said on Wednesday.

Analysts on average had expected a net loss of Rs 15.38 crore, according to Thomson Reuters data.

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

BOI shares jumped more than 5% after the results.

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