Mumbai: Bank of India reported 156 per cent yoy growth in June quarter net profit at Rs 243 crore on higher other income, operating profit and lower profit base of last year.
Net interest income grew 4 per cent yoy to Rs 3,485 crore. The non-interest income increased to Rs 1,195 crore Rs 618 crore during Q1 FY 2018-19, indicating a growth rate of 93 per cent. The non-interest income was bolstered by growth in treasury income as well as core fee based income.
Asset quality disappointed as the gross non-performing loans stood at Rs 62,068.40 crore as against Rs 60,604.46 crore a year ago. Net NPAs were down at Rs 19,288.34 crore as against Rs 27,932.25 crore a year ago. Gross NPA ratio was 16.50 per cent of the gross advances down from 16.66 per cent by end of June 2018. Net NPA came down to 5.79 per cent as against 8.45 per cent.
The provision coverage ratio improved from 66.67 per cent in June 2018 to 77.18 per cent in June, 2019.
The credit cost declined from 2.70 per cent to 2.22 per cent in June 2019.