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Bank of India Q1 net profit falls 15% to Rs 720 crore, NII declines 9.7%

Bank of India Q1 net profit falls 15% to Rs 720 crore, NII declines 9.7%

NII fell 9.7 per cent to Rs 3,144 crore during the quarter, while net interest margin contracted to 2.16 per cent from 2.48 per cent in the year-ago quarter.

The state-owned bank said its CASA deposits rose 13.80 per cent YoY to Rs 2.35 lakh crore. The state-owned bank said its CASA deposits rose 13.80 per cent YoY to Rs 2.35 lakh crore.

Bank of India on Tuesday reported a 14.7 per cent year-on-year (YoY) decline in net profit at Rs 720 crore during April-June quarter. However, it was almost triple of the Rs-250 crore profit posted in preceding March quarter.
 
The bank's net interest income (NII) fell 9.7 per cent to Rs 3,144 crore during the quarter, while net interest margin contracted to 2.16 per cent from 2.48 per cent in the year-ago quarter.
 
"Operating profit stood at Rs 2,806 crore for Q1FY22 as against Rs 2,845 crore for Q1FY21. On a sequential basis, it increased by 34 per cent from Rs 2,094 crore," Bank of India said.
 
The state-owned bank said its current account and saving account (CASA) deposits rose 13.80 per cent YoY to Rs 2.35 lakh crore, while gross domestic advances increased to Rs 3.65 lakh crore from Rs 3.59 lakh crore a year ago. The global business grew 2.71 per cent YoY to Rs 10.38 lakh crore in June quarter.
 
On asset front, gross non-performing assets (NPAs) stood at 13.51 per cent as against 13.91 per cent in the year-ago quarter, while net NPAs were at 3.35 per cent compared to 3.58 per cent in the year-ago quarter. In absolute terms, gross NPAs were at Rs 56,042 crore, while net NPAs stood at Rs 12,424 crore.
 
Provision coverage ratio stood at 86.17 per cent at the end of June quarter. Total provisions were at Rs 1,709 crore as of June 30, 2021 as against Rs 1,512 crore a year ago.
 
Shares of Bank of India were trading 0.40 per cent higher at Rs 74.50 on the BSE during the afternoon session on Tuesday.

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