Earnings of five state-run banks better than expected

The first set of earnings from five public sector lenders have beaten the market expectations, especially on the bad assets front, during the September quarter.  Among the public sector banks, so far Bank of Baroda, Bank of India, Union Bank, Allahabad Bank and Syndicate Bank have announced the earnings. The star performer was Bank of India whose net profit soared over 105 per cent to Rs 622 crore in the quarter to September as against Rs 302 crore a year ago. Spurt in profit after tax was on account of higher net interest income and other incomes.  Net interest income improved to Rs 2,527 crore, registering a growth of 15.07 per cent as against Rs 2,196 crore in year-ago period.  The two-fold jump in the net profit led to the bank's shares to rise over 22 per cent to close at Rs 211.95 on October 31 on the NSE. 

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