Bank of India Q1 net profit rises over three-fold to Rs 844 cr

State-owned Bank of India (BoI) on Monday reported over three-fold rise in net profit to Rs 843.60 crore for the quarter ended June 30, as pressure of bad loans eased. 

The total income during the period under review increased to Rs 11,941.52 crore, from Rs 11,526.95 crore in the year-ago period, BoI said in a regulatory filing. On the assets front, the bank witnessed improvement with gross non-performing assets (NPAs) declining to 13.91 per cent of the gross advances as on June 30, 2020 as against 16.50 per cent in the same period a year ago.

Similarly, net NPAs or bad loans too declined to 3.58 per cent, from 5.79 per cent in the corresponding period last year. As a result, the provisioning for bad loans declined to Rs 766.62 crore during April-June of this fiscal, from Rs 1,873.28 crore in the same period a year ago.

Overall, the contingencies and provisions during the quarter too eased to Rs 1,512.07 crore, from Rs 1,911.98 crore a year-ago..