scorecardresearchBank of India Q1 profit falls 22% to ₹561 crore; stock rises

Bank of India Q1 profit falls 22% to 561 crore; stock rises

Updated: 02 Aug 2022, 03:26 PM IST
TL;DR.

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.

An collectible banknote buyer holds Indian rupee banknotes in Mumbai, India, on Wednesday, July 20, 2022. The rupee slid to all-time low of 80.06 per dollar on Tuesday, and has lost 2.4% over the past month, the third-worst performing Asian currency over the period. Photographer: Dhiraj Singh/Bloomberg

An collectible banknote buyer holds Indian rupee banknotes in Mumbai, India, on Wednesday, July 20, 2022. The rupee slid to all-time low of 80.06 per dollar on Tuesday, and has lost 2.4% over the past month, the third-worst performing Asian currency over the period. Photographer: Dhiraj Singh/Bloomberg

(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

First Published: 02 Aug 2022, 03:26 PM IST