Bank Of India's NII for Q3 rises 23.5% yoy; stock up ~2%

Bank of India announced its results for the quarter ended Decemeber 31, 2019 today. The bank's net profit came in at Rs105.52cr for the quarter under review vs. loss of Rs4,737.6cr reported in the corresponding quarter previous year. The NII for Q3FY20 stood at Rs4,118cr, up 23.5% yoy vs. Rs3,332.2cr in Q3FY19.
Bank of India's slippages came in at Rs6,716cr for Q3FY20 vs. Rs3,166cr in Q2FY20.
The Provision Coverage Ratio of the bank as on December 31, 2019 is 77.15% (77.12% as on September 30, 2019 and 76.76% as on December 31, 2018).

During the quarter ended December 31, 2019, bank has made additional provision of Rs501.45cr in view of uncertainty of recovery and deterioration in value of underlying assets in respect of 49 NPA accounts. The provision in such accounts as on December 31, 2019 is Rs1,083.79cr.
During the quarter ended December 31, 2019 Bank has sold its overseas subsidiary i.e. Bank of India (Botswana) Ltd. for which consideration received is Rs14.64cr. The remaining cost of investment of Rs19.18cr is fully provided.
Stock view:
Bank of India is currently trading at Rs67.10 up by Rs1.05 or 1.59% from its previous closing of Rs66.05 on the BSE.

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