BOI Q2 net down 8.65% YoY on rise in provisions for standard assets

Earnings, asset quality profile improve for public sector lender

Bank of India’s net profit declined 8.65 per cent year-on-year (YoY) to Rs 960 crore in the July-September quarter (second quarter, or Q2) of 2022-23 (FY23) on increase in provisioning, especially for state government accounts that are standard assets.

The Mumbai-based public sector lender had posted a net profit of Rs 1,051 crore in Q2 of 2021-22 (FY22). Sequentially, it rose 71 per cent over Rs 561 crore in the April-June quarter (first quarter, or Q1) of FY23.

A K Das, managing director and chief executive officer, in a media call said after inspection by the regulator, the bank increased