scorecardresearchBank of India net profit down at ₹2,221 crore for FY22 on divergence in
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Bank of India net profit down at ₹2,221 crore for FY22 on divergence in provisioning

Team MintGenie
Updated: 10 Sep 2022, 09:44 AM IST
TL;DR.

Bank of India: According to a regulatory filing, there was divergence of ₹105 crore in bank's gross non-performing assets (NPAs) with the bank reporting it to be at ₹45,605.40 crore. However, as per Reserve Bank of India (RBI) assessment, it came at a higher value of ₹45,710.40 crore.

Bank of India offers home loans at 7.80 percent per annum onwards, with loan tenures of up to 30 years. The loan can be availed for a maximum amount of up to <span class='webrupee'>₹</span>5 crore. It offers 0.05 percent concession in interest rates to women borrowers. Bank of India also provides home loan balance transfer facility, home loans with overdraft facility and a special home loan scheme to HNI individuals with higher loan amounts.

Bank of India offers home loans at 7.80 percent per annum onwards, with loan tenures of up to 30 years. The loan can be availed for a maximum amount of up to ₹5 crore. It offers 0.05 percent concession in interest rates to women borrowers. Bank of India also provides home loan balance transfer facility, home loans with overdraft facility and a special home loan scheme to HNI individuals with higher loan amounts.

(PTI) State-owned Bank of India (BoI) on Friday reported divergence in its asset classification for FY22, resulting in lowering of net profit for the year to ₹2,221 crore.

The lender had reported a net profit of ₹3,404.70 crore for 2021-22.

According to a regulatory filing, there was divergence of ₹105 crore in bank's gross non-performing assets (NPAs) with the bank reporting it to be at ₹45,605.40 crore. However, as per Reserve Bank of India (RBI) assessment, it came at a higher value of ₹45,710.40 crore.

On the flip side, in case of the net NPAs the bad loans fell by ₹87 crore as the RBI assessed it at a lower ₹9,764.93 crore as against ₹9,851.93 crore reported by the bank.

The divergence in provisioning came in at ₹1,819 crore.

Bank of India said the adjusted net profit of the bank before considering the impact of tax on divergence in provisioning for FY22 was at ₹1,585.70 crore.

However, the net profit was further boosted to ₹2,221.33 crore for the year ended March 2022 upon adding ₹635.63 crore as an impact of tax on divergence in provisioning, showed the data.

First Published: 10 Sep 2022, 09:44 AM IST

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