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Bank of India’s first quarter net profit down 14.7 percent to Rs 720 crore

Bank of India’s (BoI) net profit declined 14.7 per cent to Rs 720 crore in the first quarter of the current financial year ended June. Due to this, the bank had earned a net profit of Rs 843.60 crore in the same quarter of the previous financial year. At the same time, in the previous quarter ended March 2021, Bank of India had earned a net profit of Rs 250.19 crore.

In a communication to the stock exchanges, the bank said its net income declined to Rs 11,698.13 crore during the quarter from Rs 11,941.52 crore in the year-ago period. The bank’s non-performing assets (NPAs) on gross credit declined marginally to 13.51 per cent during the quarter from 13.91 per cent in the corresponding quarter of the previous fiscal. Similarly, the net NPA of the bank came down from 3.58 per cent to 3.35 per cent. The bank’s provision for bad loans and other contingencies increased to Rs 1,709.12 crore during the quarter from Rs 1,512.07 crore in the year-ago period. On a consolidated basis, the bank’s net profit declined by 13 per cent to Rs 735.37 crore in the June quarter, from Rs 845.78 crore in the corresponding quarter of the previous fiscal.