Bank of India clocks Q1 net profit of Rs 844 cr on lower provisions

Government-owned Bank of India on Monday reported a net profit of Rs 844 crore in the April to June quarter, up 247 per cent from Rs 243 crore in a year-ago period.

Government-owned Bank of India on Monday reported a net profit of Rs 844 crore in the April to June quarter, up 247 per cent from Rs 243 crore in a year-ago period. Total provisions declined to Rs 1,512 crore in Q1 FY21 from Rs 1,912 crore in the same period the previous quarter. Provisions during Q4 FY20 were at Rs 8,412 crore.

Net interest income in Q1 FY21 was down marginally to Rs 3,481 crore from Rs 3,485 crore in Q1 FY20. Pre-provision operating profit increased to Rs 2,845 crore from Rs 2,271 crore in the same period last year. Asset quality during the quarter improved significantly as gross non-performing assets (NPAs) fell 6.1 per cent to Rs 57,788 crore from Rs 61,550 crore while net NPA declined 7.3 per cent to Rs 13,275 crore from Rs 14,320 crore, compared to the previous quarter.

Gross NPA as a percentage of gross advances fell by 90 basis points to 3.6 per cent from 3.9 per cent. At 2 pm, the shares of Bank of India were trading 2.12 pc higher at Rs 48.10 on the BSE. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)