Bank of India posts standalone net loss at Rs1,156cr in Q2FY19 vs. net profit of Rs179cr yoy : Misses Estimates

The bank’s standalone NII stood at Rs2,927cr, up 0.65% yoy but down 12.74% qoq.

Nov 13, 2018 12:11 IST India Infoline Research Team

Bank of India Q2FY19

Standalone Results Q2FY19: ( cr)

Q2FY19 YoY (%)
NII 2,927 0.7
GNPA (%) 16.4 374
Provisions 3,343 71.2
Net Loss (adjusted) 1,156 -
***GNPA change is bps
Bank of India's Q2FY19 revenue has declined by 6.9% yoy to Rs10,800cr. Its NII for the quarter came at Rs2,927cr as against Rs2,908cr yoy, which has increased by 0.7% yoy. The bank has reported net loss of Rs1,156cr, which was below consensus estimates, as against profit of Rs179cr reported in corresponding quarter last year. The loss was due to higher provisions, which has increased by 71% yoy. Its GNPA for Q2FY19 stood at 16.36% against 16.66% qoq which has decreased by 30bps qoq. NNPA for the quarter came at 7.64% against 8.45% qoq which has decreased by 81bps qoq.
  • The loan growth for the quarter has declined by 6.6% yoy, aided by priority sector advances and retail advances, which grew by 5.14% yoy and 18.1% yoy respectively.
  • Its domestic advances grew by 10% yoy to Rs 3.06 lakh cr.
  • The CASA deposits for the quarter grew by 4.75% to Rs 1.7 lakh cr. Its CASA Ratio was at 41.4% during Q2FY19.
  • Its Provision Coverage Ratio stood at 69.1% for the quarter.
  • The bank's A & Above book has improved qoq from 53% to 64% during Q2FY19.
  • Its total exposure to NCLT is at Rs29,359cr as of Q2FY19.
  • Its upgradation and recoveries for Q2FY19 was at Rs963cr and 1,735cr respectively.

Technical View:

Bank of India ended at Rs. 87.25, down by 4.45 points or 4.85% from its previous closing of Rs. 91.70 on the BSE.
The scrip opened at Rs. 91.90 and touched a high and low of Rs. 92.65 and Rs. 86.05 respectively. A total of 1,30,14,633 (NSE+BSE) shares were traded on the counter. The stock traded below its 200 DMA.

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