Bank of India Q1 net profit rises over three-fold to Rs 844 crore

State-owned Bank of India (BoI) on Monday reported over the three-fold rise in net profit to Rs 843.60 crore for the quarter ended June 30, as the pressure of bad loans eased.

The bank had registered a net profit of Rs 242.60 crore in the April-June period of 2019-20.

The total income during the period under review increased to Rs 11,941.52 crore, from Rs 11,526.95 crore in the year-ago period, BoI said in a regulatory filing.

On the assets front, the bank witnessed improvement with gross non-performing assets (NPAs) declining to 13.91 percent of the gross advances as on June 30, 2020 as against 16.50 percent in the same period a year ago.

Similarly, net NPAs or bad loans too declined to 3.58 percent, from 5.79 percent in the corresponding period last year.

As a result, the provisioning for bad loans declined to Rs 766.62 crore during April-June of this fiscal, from Rs 1,873.28 crore in the same period a year ago.

Overall, the contingencies and provisions during the quarter too eased to Rs 1,512.07 crore, from Rs 1,911.98 crore a year-ago.