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Bank of India Standalone Q1 net moves up by 3.5 times to Rs 843.60 cr BankofIndia

Bank of India Standalone Q1 net moves up by 3.5 times to Rs 843.60 cr

India Blooms News Service | @indiablooms | 03 Aug 2020, 05:05 pm

Mumbai/UNI: Public Sector Lender Bank of India has reported a jump of 3.5 times in its standalone net profit for the quarter ended June 30, 2020 at Rs 843.60 crore for the period ended June 30, 2020 as against net profit of Rs 242.62 crore for the quarter ended June 30, 2019,due to lower loan provisions and rise in other income.

Total income for the quarter ended review grew by 3.52 per cent to Rs.11941.52 crore as compared to Rs 11526.95 crore during the period ended June 30, 2019.

Bank by lower loan-loss provision of Rs 767 crore as compared to Rs 1,873 crore in the year-ago period), and a 43 per cent increase in other income at ?1,707 crore (?1,195 crore).

Bank other income for the quarter under review grew by 43 per cent to Rs 1707 crore as compared with Rs 1195 crore for the same quarter a year ago period.

Other income includes fee and commissions, foreign exchange and derivatives revenue, gain on sale / revaluation of investments, and miscellaneous income.

Net Interest Income (NII) in quater ended June 30, 2020 was down marginally to Rs 3,481.1 crore from Rs 3,485.4 crore, compared to the same period a year ago.

Domestic net interest margin also fell to 2.73 percent from 3.03 percent, YoY.

Pre-provision operating profit increased to Rs 2,844.52 crore from Rs 2,271.35 crore in the same period last year.

Asset quality during the quarter improved significantly as gross non-performing assets (NPA) fell 6.1 percent to Rs 57,787.8 crore from Rs 61,549.9 crore while net NPA declined 7.3 percent to Rs 13,275 crore from Rs 14,320.1 crore, compared to the previous quarter.

Gross NPA as a percentage of gross advances fell by 90 bps to 3.6 percent from 3.9 percent and net NPA as a percentage of net advances decreased by 30 bps to 3.6 percent from 3.9 percent, on a sequential basis.

Total provisions in quarter under review declined to Rs 1512.07 crore from Rs 8,141.92 crore in the previous quarter. Provisions during quarter ended Jue 30, 2020 were at Rs 1,911.98 crore.

The Provision Coverage Ratio of the bank as on June 30, 2020, was 84.87 percent versus 83.74 percent as on March 31, 2020, and versus 77.18 percent as on June 30, 2019.