Bank of India

The Bank posted a set of very disappointing numbers for Q3FY15 with profit falling and asset quality also deteriorating. Higher provisioning took a toll. Its net profit for the quarter fell 13% (YoY) at Rs.302 crore though NII was up 8% at Rs.2121 crore. But NIM was down from 2.6% to 2.57% (QoQ) and down from 2.64% (YoY).

In terms of asset quality, gross NPA rose 39 bps sequentially to 5.08% while jump in net NPA was sharper by 69 bps to 2.95%. Provisioning for bad loans was up 40% (YoY) and up 8.5% (QoQ) at Rs.852 crore. Provision coverage ratio was at 57.25%. CAR (Basel III) was status quo at 10.3% (QoQ) v/s 10.12% (YoY).