Bank Of India Q1 Results: PAT skyrockets 176% YoY to Rs 1,551 crore

economictimes.indiatimes.com:

Bank of India on Friday reported a 176% jump in net profit for the June quarter at Rs 1,551 crore as compared with Rs 561 crore in the year ago period, backed by both core and non-core business growth, and a fall in bad loan provisions. The bank's net interest margin for the quarter improved by 49 bps to 3.03%. Net interest income rose 45% year-on-year at Rs 5,915 crore.

Non interest income was 27% higher at Rs 1,462 crore. Its provisions and contingencies were 38% lower at Rs 824 crore against Rs 1322 crore in the year ago period. Out of this, provisions to cover bad loans were Rs 777 crore against Rs 1305 crore, in line with improvement in asset quality.

Operating profit rose 72% at Rs 3,752 crore against Rs 2,183 crore in the year ago quarter. The bank's gross advances rose 8.48% year-on-year to Rs 5.18 lakh crore with yield on advances improving to 8.10% vs 6.53% a year back, in line with higher interest rate regime. Its gross non-performing assets ratio fell to 6.67% from 9.3% a year back.

Net NPA ratio was at 1.65% against 2.21%. Deposits grew 8.71% year-on-year to Rs 6.97 lakh crore at the end of June with current and savings account ratio standing at 44.52%. The average cost of deposits rose to 4.22% from 3.49% a year back.