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Bank of India Q2 profit rises, beats estimates

10 November 2017

Of the total provisioning, that on account of loan losses was Rs 16,715 crore.

SBI's net bad loan ratio decreased relative to the previous quarter to 5.43 per cent from 5.97 per cent.

Bank of India (BOI.NS), the country's sixth biggest lender by assets, reported a 41 percent jump in second-quarter profit, handily beating analyst estimates, with its bad loan ratio easing.

According to a statement, the company's total income rose to Rs 5,414.27 crore in the period under review from Rs 4,151.13 crore in the similar period a year ago.

The company declared its September 2017 quarter results on November 10, 2017, posting a revenue decline by 3% and net profit declined by 62.1% as compared to corresponding quarter in the previous year. Net NPAs increased to Rs 97,896.29 crore as against Rs 60,013.45 crore.

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The lender's non-interest income at Rs 16,016 crore was a 58 per cent increase over the same quarter a year ago at Rs 10,146 crore and double over the previous quarter's Rs 8,006 crore.

SBI mopped up about Rs 8,400 crore by diluting its stake in SBI Life Insurance through an initial public offer during the September quarter.

The State Bank of India's (SBI) shares rose almost 8% to trade at Rs 338.50 on NSE against the previous session's closing of Rs 313.70 soon after the lender declared its Q2 results.

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Bank of India Q2 profit rises, beats estimates