Bank of India's (BoI's) net profit for June 2021 quarter fell by 14.7 per cent on a year-on-year basis, to Rs 720 crore on higher provisions for bad loans and standard assets.
It had posted a net profit of Rs 844 crore in the same quarter last year (Q1FY21).
The bank said in a statement its net interest income (NII) fell in Q1FY22 to Rs 3,145 crore from Rs 3,481 crore in the quarter ended June 2020 (Q1FY21). Net interest margin fell to 2.16 per cent for Q1 against 2.48 per cent in the year-ago period.
The non-interest income rose 39.25 per cent YoY to Rs 2,376 crore, from Rs 1,707 crore in Q1FY21.
Asset quality profile improved with gross non-performing assets down to 13.51 per cent in June, from 13.91 per cent last year. Net NPA also fell to 3.35 per cent, from 3.58 per cent in June 2020. Its provision coverage ratio improved to 86.17 per cent in June 2021, from 84.87 per cent a year ago.
Its provisions for bad and non-performing assets rose to 873 crore in Q1Fy22, as against Rs 767 crore in Q1FY21. Those for standard assets rose to Rs 898 crore from Rs 759 crore.
Advances growth was flat to Rs 4.15 trillion. The retail loan portfolio rose by 10.61 per cent (y.o.y) to Rs 1.25 trillion as of June 2021.
Its deposits grew from Rs 5.95 trillion in June 2020 per cent to Rs 6.23 trillion in June 2021.
The capital adequacy ratio stood at 15.07 per cent in June 2021 up from 12.76 per cent at the end of June 2021.
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