Bank of India Q2 net profit rises 41% to Rs 179 cr

The bank had net profit of Rs 126.84 cr in July-Sept of previous fiscal year

State-owned Bank of India (BoI) today reported a 41.1 per cent increase in net profit at Rs 179.07 crore for the quarter ending September following a decline in bad loans.

The bank had a net profit of Rs 126.84 crore in July-September, 2016-17.

Total income rose to Rs 11,600.47 crore in the July-September quarter of 2017-18 whereas the figure was Rs 11,469.11 crore for the same quarter of previous fiscal, BoI said in a regulatory filing to stock exchanges.

Asset quality improved for the bank as gross non- performing assets (NPAs) declined marginally to 12.62 per cent of gross advances at the end of September 2017, from 13.45 per cent a year earlier.

Net NPAs also improved to 6.47 per cent of net advances for the period under review, down from 7.56 per cent a year ago.

In absolute terms, gross NPAs stood at Rs 49,306.90 crore as on September 2017, from the earlier Rs 52,261.95 crore.

Following reduction in NPAs, provisioning for bad loans declined to Rs 1,866.52 crore during the quarter under review, as against Rs 2,189.65 crore in the same period of last financial year.