 "Bank of India Q1 net profit falls 15% to Rs 720 cr")
Bank of India on Tuesday reported a 14.7 per cent decline in net profit at Rs 720 crore for the June quarter.
The bank had posted a net profit of Rs 843.60 crore in the year-ago period. However, the net profit was up sequentially from Rs 250.19 crore recorded in the three months ended March 2021.
In the first quarter of the current fiscal, the lender's total income was down at Rs 11,698.13 crore. In the year-ago period, it stood at 11,941.52 crore, according to a regulatory filing.
The bank's gross Non-Performing Assets (NPAs) fell marginally to 13.51 per cent of the gross advances at the end of June this year from 13.91 per cent in the same period a year ago.
Net NPAs or bad loans were down at 3.35 per cent in the latest June quarter compared to 3.58 per cent in the year-ago period. Provisions for bad loans and contingencies for the quarter under review were raised to Rs 1,709.12 crore. The same was at Rs 1,512.07 crore in the same period a year ago.
On a consolidated basis, the bank's net profit was at Rs 735.37 crore in the 2021 June quarter. It was down by 13 per cent from Rs 845.78 crore in the year-ago period.
Shares of the bank was marginally up at Rs 74.60 apiece in afternoon trade on BSE.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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