Bank of India share price drops 7% to hit a low of Rs 138.60 against the previous close of Rs 151.55 after the public sector lender reported its Q3 earnings. The bank’s Q3 net profit grew 62% on a YoY basis to Rs 1,869 crore against Rs 1,151 crore. This however is significantly lower than the expectation of Rs 2,104 crore from Morgan Stanley.
The Net Interest Income also came in lower at Rs 5,463.5 crore against Morgan Stanley’s expectation of Rs 5,797 crore.
The bank’s deposit growth has been weak, coming in at a 9-quarter low. Its Q3 deposits came in at Rs 7,07,827 crore against Rs 7,03,751 in the previous quarter. Bank’s Net Int Margin came in at 2.85% in Q3, against 3.28% in the previous quarter.
