(PTI) Bank of India on Tuesday reported 22 per cent decline in standalone net profit at ₹561 crore for June quarter on higher operating expenses, even as bad loans declined.
The lender had posted a net profit of ₹720 crore in the corresponding quarter ended June 2021. As compared to the pervious March quarter, the net profit was down 7.4 per cent.
Total income during April-June 2022-23 fell to ₹11,124.36 crore from ₹11,641.37 crore in the year-ago period as income from other sources was down, Bank of India said in a regulatory filing.
The core interest income grew 7 per cent in the quarter at ₹9,972.64 crore, while other income declined by over 50 per cent to ₹1,152 crore.
Operating expenses were higher by 12 per cent during the quarter at ₹3,041 crore from ₹2,715 crore.
On consolidated basis, the net profit in June quarter was down 11 per cent at ₹657.62 crore compared to ₹735.37 crore.
Total income too declined to ₹11,207.57 crore from ₹11,709.62 crore.
Bank of India improved on its asset quality substantially as gross Non-Performing Assets (NPAs) fell to 9.30 per cent of gross advances by the end of June 2022. The same was at 13.51 per cent a year ago.
In value terms, gross NPAs were down at ₹44,414.67 crore as against ₹56,041.63 crore.
Net NPAs (bad loans) too fell to 2.21 per cent ( ₹9,775.23 crore) from 3.35 per cent ( ₹12,424.13 crore).
Shares of Bank of India were trading at ₹50.70 apiece on BSE, up 3.26 per cent. PTI KPM ANU ANU