Gross non-performing assets (GNPA) for the quarter stood at 13.07% up 768 bps yoy and 389 bps qoq. Provisions at Rs.5,470.36 crore were higher 142.54% yoy and 51.79% qoq.
For the year ended March 31, 2016, the bank reported net loss of Rs. 6,089.19crore as compared to net profit of Rs. 1,708.92 crore in the corresponding period of the previous year. It's NII for the current period of Rs. 11,724.63 crore was up 3.04% yoy.
Provisions during the period at Rs. 13,826.40 crore were higher by 142.88% yoy.
Higher provisioning hurt Bank of India’s Q4 net profit; asset quality deteriorates:
The bank’s net loss widened to Rs.3,587.09 crore for the quarter ended March 31, 2016 compared to Rs. 56.14 crore yoy and Rs. 1,505.58 crore qoq on account of higher provisioning. The bank’s provisions at Rs. 5,470.36 crore were higher 142.54% yoy and 51.79% qoq. Its asset quality deteriorated substantially at 13.07% (GNPA %) up 768 bps yoy and 389 bps qoq.
Result Highlights: (Rs. in crore)
|Reported Results||Bloomberg Estimates||Variance (%)|
|Standalone Net Profit||-3587.09||-9393.92||[61.81]|
Bank of India ended at Rs. 80.35, down by 0.2 points or 0.25% from its previous closing of Rs. 80.55 on the BSE.
The scrip opened at Rs. 79.5 and touched a high and low of Rs. 81.15 and Rs. 79.15 respectively. A total of 3640204(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 7523.65 crore.
The BSE group 'A' stock of face value Rs. 10 touched a 52 week high of Rs. 210.3 on 22-May-2015 and a 52 week low of Rs. 79.4 on 23-May-2016. Last one week high and low of the scrip stood at Rs. 86.1 and Rs. 79.4 respectively.
The promoters holding in the company stood at 68.01 % while Institutions and Non-Institutions held 22.49 % and 9.5 % respectively.
The stock traded above its 200 DMA.