Bank of India reported 14.7% fall in standalone net profit to Rs 720 crore on a 2% decline in total income to Rs 11,698.13 crore in Q1 FY22 over Q1 FY21.
Net interest income (NII) fell 9.7% to Rs 3,145 crore in Q1 FY22 over Q1 FY21. Global net interest margin (NIM) was at 2.16% as on 30 June 2021 as against 2.48% as on 30 June 2020.
Operating profit was at Rs 2,806.21 crore in Q1 FY21, down by 1.3% from Rs 2,844.52 crore in Q1 FY22.
Provisions (other than tax) and contingencies increased by 13% YoY to Rs 1,709.12 crore in the first quarter, of which provision for non-performing assets aggregated to Rs 873.27 crore (up 13.9% YoY).
Provision Coverage Ratio (PCR) was at 86.17% in Q1 FY22 as against 84.87% in Q1 FY21.
Profit before tax in Q1 FY22 stood at Rs 1,097.09 crore, down by 17.7% from Rs 1,332.45 crore in Q1 FY21. Tax expenses fell by 22.9% YoY to Rs 377.09 crore during the period under review.
On the asset quality front, the bank reported fresh slippages of Rs 3,941.66 crore in Q1 FY22, lower by 46.5% as compared with Rs 7,368 crore in Q4 FY21. Slippages as percentage of standard advances amounted to 1.09% in Q1 FY22 as against 2.05% in Q4 FY21.
The bank's gross non-performing assets (NPAs) were Rs 56,041.63 crore as on 30 June 2021 as against Rs 57,787.78 crore as on 30 June 2020 and Rs 56,534.95 crore as on 31 March 2021.
The ratio of gross NPAs to gross advances stood at 13.51% as on 30 June 2021 as against 13.91% as on 30 June 2020 and 13.77% as on 31 March 2021.
The ratio of net NPAs to net advances stood at 3.35% as on 30 June 2021 as against 3.58% as on 30 June 2020 and 3.35% as on 31 March 2021.
While the bank's deposits increased by 4.7% to Rs 6,23,385.45 crore, advances remained flat at Rs 3,70,607.26 crore as on 30 June 2021 as compared with 30 June 2020.
Bank of India is a public sector bank. The Government of India held 90.34% stake in Bank of India as on 30 June 2021.
The scrip rose 0.88% to currently trade at Rs 74.85 on the BSE.
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