Bank of India Ltd shares surge 14 per cent after its July-September net non-performing loans ratio fell to 1.85 per cent at quarter-end versus 2.04 per cent a year earlier.
Mumbai: Shares of state-owned banks rally on hopes of stabilising asset quality and on valuations seen as attractive, say analysts.
Bank of India Ltd shares surge 14 per cent after its July-September net non-performing loans ratio fell to 1.85 per cent at quarter-end versus 2.04 per cent a year earlier.
Among other banks, Bank of Baroda Ltd jumps 5.9 per cent, Punjab National Bank Ltd ains 5.3 per cent, while State Bank of India is up 3.1 per cent.
Bank of India trades at 0.4 times 12 month forward price to book value, while for Bank of Baroda it is 0.7 times, compared with 1.6 times of private sector lender ICICI Bank Ltd.
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