Bank of India reported a 9 per cent year-on-year decline in the second-quarter net profit as it made additional provisons on standard assets where resolution plan was not implemented.
The public sector bank reported a net profit of ₹960 crore against ₹1,051 crore in the year ago period.
Net profit in the reporting quarter was, however, up 71 per cent sequentially compared to the preceding quarter’s ₹561 crore.
Net interest income was up 44 per cent yoy at ₹5,084 crore (₹3,523 crore in the year ago quarter).
Othe income declined 34 per cent yoy to ₹1,417 crore (₹2,136 crore).
Operating profit rose 26 per cent yoy to ₹3,374 crore (₹2,678 crore).
Loan loss provisions shot up 176 per cent yoy to ₹664 crore (₹241 crore).
Asset quality improved, with gross NPAs declining to 8.51 per cent of gross advances as on September-end 2022 against 9.30 per cent as on June-end 2022. Net NPAs declined to 1.92 per cent of net advances against 2.21 per cent.
NIM (Global) improved by 62 basis points to 3.04 per cent in Q2FY23 against 2.42 per cent in Q2FY22.
Global Deposits increased by 5.64 per cent YoY from ₹6,12,961 crore in September 2021 to ₹6,47,541 crore in September 2022.
Global Advances increased by 17.89 per cent YoY from ₹4,18,895 crore in September 2021 to ₹4,93,814 crore in Sepember 2022.