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Bank of India has reported a 8 per cent year-on-year increase in net profit at Rs 95 crore in the first quarter of this fiscal against Rs 88 crore in the year-ago period. While net interest income was up 32 per cent yoy at Rs 3,354 crore, other income was down 48 per cent yoy at Rs 830 crore.
Provisions towards bad and doubtful debt nudged up a tad to Rs 2,260 crore against Rs 2,156 crore. Provision towards depreciation on investment was higher at Rs 385 crore against Rs 131 crore.
Gross non-performing assets nudged up to 16.66 per cent of gross advances against 16.58 per cent in the preceding quarter. Slippages during the reporting quarter were higher at Rs 6,671 crore against Rs 4,037 crore in the year-ago quarter.
Total reduction in bad loans due to recovery, upgradation and write-off rose to Rs 8,305 crore (Rs 5,063 crore). Total deposits were down 5 per cent at Rs 5,14,604 crore. Gross advances declined 7 per cent to Rs 3,63,747 crore.
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