Bank of India Q1 net profit rises 8% to Rs 951 million, stock falls 8.75%

The bank said it was trying to sell non-core assets and in the second quarter would see better realisation of assets through sale to asset reconstruction companies

State-owned lender Bank of India (BoI) on Tuesday reported a profit of Rs 951 million in the first quarter ended June, against a loss in the March quarter, as the bank focused on retail loans while shrinking its corporate book.

In the first quarter a year ago, BoI had registered a loss of Rs 39.7 billion. In the second quarter, the bank had reported profit of Rs 877 million. Bank of India is the largest bank under prompt corrective action (PCA) framework of the Reserve Bank of India (RBI).

Dinabandhu Mohapatra, MD and CEO of BoI, said he expected the bank to