Money & Banking

Q1 results: Bank of India’s net profit up 156% to Rs 243 cr

Our Bureau Mumbai | Updated on July 30, 2019 Published on July 30, 2019

Bank of India reported a 156 per cent jump in first quarter standalone net profit, on the back of robust growth in other income and lower provisioning burden.

The public sector bank’s net profit rose to ₹243 crore in the reporting quarter against ₹95 crore in the year-ago period.

The bank’s net interest income edged up 4 per cent year-on-year (y-o-y) to ₹3,485 crore. Other income soared 93 per cent y-o-y to ₹1,195 crore. The loan loss provisions declined 17 per cent y-o-y to ₹1873 crore.

NPA up

During the reporting quarter Gross Non-Performing Assets (GNPAs) increased by ₹1407 crore to ₹62,068 crore. The bad loans pressure continued with GNPAs rising to 16.50 per cent as at June-end 2019 against 15.84 per cent as at March-end 2019.

Net NPAs nudged up to 5.79 per cent as at June-end 2019 from 5.61 per cent as at March-end 2019. Provision coverage ratio improved to 77.18 per cent from 66.67 per cent as at June-end 2018.

Published on July 30, 2019
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