Public sector lender Bank of India on July 28 reported a 176 percent jump in net profit at Rs 1,551 crore in the first quarter of the current fiscal. It had clocked a net profit of Rs 561 crore in the year-ago quarter.
The bank's net interest income increased by 45 percent on a year-on-year basis (YoY ) to Rs.5,915 crore.
The net interest margin (NIM) increased by 51 bps to 3.37 percent in the April-June FY24 quarter against 2.87 percent in the corresponding quarter last year.
The gross non-performing assets of the bank declined to 6.67 percent from 9.30 percent in the same quarter of the previous year, while its net non-performing assets (NNPAs) declined by 1.65 percent from 2.21 percent last year.
Domestic deposits of the bank increased by 7.98 percent YoY to Rs.5.89 lakh crore in the quarter. Current account and savings account (CASA) went up by 7.56 percent YoY to Rs. 2.6 lakh crore in the April-June FY24 quarter and CASA ratio stood at 44.52 percent.
Domestic advances increased by 7.98 percent YOY to Rs. 4.33 lakh crore.
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Congratulations BOIans👌👌
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