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Bank of India's net profit declined 22.08 per cent year-on-year (YoY) to Rs 561 crore in the first quarter of financial year 2022-23 (Q1FY23) on fall in non-interest income and rise in provisions for bad loans.
The Mumbai-based public sector lender had posted a net profit of Rs 720 crore during the year-ago period (Q1FY22).
The bank’s stock closed 2.65 per cent higher at Rs 50.4 per share on BSE on Tuesday.
Its non-interest income declined sharply to Rs 1,152 crore in Q1FY23 from Rs 2,320 crore in the year-ago period. Its treasury revenues, which have a significant share in non-interest income, were hit due to hardening of bond yields.
The bank’s asset quality profile improved with gross non-performing assets (GNPAs) at 9.3 per cent till June 2022 from 13.5 per cent in the year-ago quarter. Net NPAs dipped to 2.21 per cent in June 2022 from 3.35 per cent a year ago.
NPA provisions rose to Rs 1,304 crore in the first quarter of FY23 from Rs 873 crore in the same quarter a year ago. The provision coverage ratio improved to 87.96 per cent for the quarter under review from 86.17per cent a year ago.
While the bank’s loan portfolio grew 15.2 per cent YoY to Rs 4.77 trillion as of June 2022, the deposits increased 2.78 per cent YoY to Rs 6.4 trillion in June 2022.
The total capital adequacy ratio (CAR) stood at 15.61 per cent in June 2022, up from 15.07 per cent in the same month a year ago.
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First Published: Tue, August 02 2022. 16:41 IST