Bank of India reported 8.7% decline in net profit to Rs 960 crore despite of 10.8% rise in total income to Rs 12,914.72 crore in Q2 FY23 over Q2 FY22.
Net interest income (NII) increased by 44% YoY to Rs 5,083 crore for Q2 FY23 as against Rs 3,523 crore for Q2 FY22. Net interest margin (NIM) (domestic) improved to 3.49% in Q2 FY23 as compared to 2.65% in Q2 FY22.Operating profit (before provisions and contingencies) improved by 26% YoY to Rs 3,374 crore in Q2 FY23 as against Rs 2,678 crore in Q2 FY22. Total provisions and contingencies (other than tax) surged 113.9% to Rs 1,912.06 crore in Q2 FY23 from Rs 893.80 crore in Q2 FY22.
Profit before tax (PBT) in Q2 FY23 stood at Rs 1,462.12 crore, down by 18% from Rs 1,783.80 crore in Q1 FY22.
The bank's gross non-performing assets (NPAs) slipped to Rs 42,014 crore as on 30 September 2022 as against Rs 44,415 crore as on 30 June 2022 and Rs 50,270 crore as on 30 September 2021.
The ratio of gross NPAs was 8.51% as on 30 September 2022 as against 12% as of 30 September 2021. The ratio of net NPAs was 1.92% as on 30 September 2022 as compared with 2.79% as on 30 September 2021.
Provision Coverage Ratio (PCR) stood at 88.96% as on 30 September 2022 as against 87.96% as on 30 June 2022.
While bank's deposits increased by 5.64% YoY to Rs 6,47,541 crore, advances jumped by 21.52% YoY to Rs 4,60,231 crore as on 30 September 2022.
As on 30 September 2022, the bank's total capital adequacy ratio (CRAR) was at 15.51% while CET -1 ratio stood at 12.97%.
Bank of India is a public sector bank. The Government of India held 81.41% stake in the bank as on 30 September 2022.
The scrip advanced 4.83% to end at Rs 64 on the BSE.
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