Bank of India's standalone net profit during the quarter ended June rose 32% to Rs 2,252.1 crore, compared to Rs 1,702.7 crore in the year-ago period, according to an exchange filing on Tuesday.
The net interest income — the difference of interest earned and interest paid — for the quarter fell 3% to Rs 6,068.1 crore. This compares to Rs 6,275.8 crore reported in the corresponding quarter of the previous fiscal.
Bank Of India Q1 Highlights (Standalone, YoY)
Net interest income falls 3% to Rs 6,068.1 crore versus Rs 6,275.8 crore.
Net profit up 32% to Rs 2,252.1 crore versus Rs 1,702.7 crore.
Gross NPA at 2.92% versus 3.27% (QoQ).
Net NPA at 0.75% versus 0.82% (QoQ).
Operating Profit rises 9% to Rs 4,009 crore versus Rs 3,677 crore.
Provisions fall 15.2% to Rs 1,096 crore versus Rs 1,293 crore.
Provisions decline 18% to Rs 1,096 crore versus Rs 1,338 crore (QoQ).
Bank of India's asset quality also improved during the quarter under review, with the gross non-performing assets ratio declining to 2.92% from 3.27% in the January-March period. In absolute terms, the gross NPA slipped to Rs 19,640.2 crore from Rs 21,748.9 crore in the last quarter.
The net NPA ratio contracted seven basis points to 0.75% from 0.82% in the preceding quarter. In absolute terms, the net NPA slipped to Rs 4,949.89 crore from Rs 5,358.49 crore.
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