Bank of India (BOI) reported a nearly three-fold increase of 176 per cent in net profit to Rs 1,551 crore in the June quarter due to a decrease in bad loans. In the previous fiscal year, the Mumbai-based institution had a net profit of Rs 561 crore.
The overall income in the first quarter of the current fiscal increased to Rs 15,821 crore from Rs 11,124 crore in the same period last year, according to a regulatory filing by the Bank of India.
Interest income for the lender climbed to Rs 14,359 crore from Rs 9,973 crore in the same period last year.
On the asset quality front, the bank saw an improvement, with gross non-performing assets (NPAs) falling to 6.67 per cent of gross advances by June 2023, down from 9.30 per cent a year ago.
The net NPA also fell to 1.65 per cent from 2.21 per cent in the same time the previous year.
As a result, provisions for bad loans decreased to Rs 777 crore from Rs 1,304 crore in the same period last year.
The bank’s provision coverage ratio increased to 89.52 per cent as of June 2023, up from 87.96 per cent at the end of the first quarter of the previous fiscal year.
The bank’s capital adequacy ratio fell slightly to 15.60 per cent at the end of June, down from 15.61 per cent a year earlier.
