Money & Banking

Bank of India Q1 profit surges 3.5 times to ₹844 crore

Our Bureau Mumbai | Updated on August 03, 2020 Published on August 03, 2020

Loan-loss provision falls to ₹767 crore; other income rises to ₹1,707 crore

Bank of India (BoI) reported close to 3.5 times jump in standalone net profit at ₹844 crore in the first quarter ended June 30 against ₹243 crore in the year-ago period.

The bottomline was supported by lower loan-loss provision of ₹767 crore (₹1,873 crore in the year-ago period), and a 43 per cent increase in other income at ₹1,707 crore (₹1,195 crore).

Net interest income (difference between interest earned and interest expended) was almost flat at ₹3,481 crore (₹3,485 crore).

Other income includes fee and commissions, foreign exchange and derivatives revenue, gain on sale / revaluation of investments, and miscellaneous income.

Operating profit was up 25 per cent at ₹2,845 crore (₹2,271 crore).

As on June-end 2020, gross non-performing assets (NPA) position improved to 13.91 per cent of gross advancesagainst 14.78 per cent in the preceding quarter.

As on June-end 2020, net NPA position, too, improved to 3.58 per cent of net advances against 3.88 per cent in the preceding quarter.

The Provision Coverage Ratio of the bank as on June 30was at 84.87 per cent (83.74 per cent as on March 31and 77.18 per cent as on June 30, 2019).

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Published on August 03, 2020
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