Bank of India turns corner, Q3 profit at Rs 102 cr; NPA improves
Bank of India has turned profitable in October-December quarter, with net income at Rs 101.7 crore against loss of Rs 1,505 crore in year-ago period on account of fall in provisions and sharp jump in other income & operating profit. Net interest income during the quarter grew by 5.7 percent to Rs 2,862.6 crore while non-interest income (other income) shot up 70 percent to Rs 1,769.25 crore and operating profit jumped 74.5 percent to Rs 2,458.4 crore compared with year-ago quarter.
Asset quality improved on sequential basis as gross non-performing assets (NPA) declined 7 basis points to 13.38 percent and net NPA dropped 47 basis points to 7.09 percent in the quarter gone by. In absolute terms, gross NPAs fell 0.92 percent to Rs 51,781 crore and net NPA plunged 7 percent to Rs 25,534 crore compared with previous quarter. Provisions for bad loans increased 0.3 percent sequentially to Rs 2,302.6 crore but declined 36.1 percent on year-on-year basis.
Technical Levels for Bank of India
Support at 130 and Resistance at 138.50—140
Looks positive and could touch its resistance level of 138.50—140, further upside rally will see on close above 140 else could touch its support level of 130
Looks weak only below 130.00
More will update soon!!
