Bank of India Q1 results: Profit rises nearly 2.5 times to Rs 844 crore, provisions fall

Bank of India (BOI) on Monday reported a nearly 2.5 times rise in standalone net profit at Rs  843.6 crore in the April-June quarter as against Rs 242.6 crore in the corresponding period of last year on account of lower provisions. Net Interest Income (NII) saw a marginal fall to Rs 3,481.1 crore from Rs 3,485.4 crore in the quarter under review, Bank of India said in an exchange filing.

In Q1FY21, non-performing assets (NPAs) declined 6 per cent to Rs 57,787.8 crore compared to Rs 61,549.9 crore in the same period last year. Net NPA fell 7.3 percent to Rs 13,275 crore from Rs 14,320.1 crore, on the Q-oQ basis. Gross NPA as a percentage of gross advances plunged 90 bps to 3.6 per cent from 3.9 per cent, on a sequential basis.

Total provisions in Q1FY21 declined to Rs 1512.07 crore from Rs 1,911.98 crore  in Q1FY20.

"The COVID-19 continues to spread across many countries and in India and the same has resulted in significant volatility and decline in the global and local economic activities. The situation continues to be uncertain and the Bank is evaluating the situation on an ongoing basis. The major challenge for the Bank would arise from volatility in cash flows. Despite these events and conditions, there would not be any significant impact on Bank's results in future and on the going concern assumption," Bank of India said.Also read: Sovereign Gold Bond V Series opens for subscription: All you need to know

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