Bank of India(BOI) Q1 Results: Net profit surges 36% YoY, NII rises 13%

Bank of India(BOI) reported a strong set of financial results for the first quarter of the financial year, driven by healthy growth in profitability and steady improvement in asset quality. The public sector lender posted a 36% year-on-year (YoY) increase in net profit at ₹3,068 crore, compared with ₹2,252 crore in the corresponding quarter of the previous fiscal. 

The bank's Net Interest Income (NII), which measures income earned from lending activities after interest expenses, rose 13% YoY to ₹6,833 crore, up from ₹6,068 crore a year earlier. The increase reflects healthy growth in the bank's core lending operations and improved interest earnings.

Bank of India also reported continued improvement in its asset quality during the quarter. Gross Non-Performing Assets (GNPA) declined to 1.81% from 1.98% in the previous quarter, while Net Non-Performing Assets (NNPA) improved to 0.51% from 0.56% on a quarter-on-quarter basis. The lower bad loan ratios indicate better recovery efforts and stronger credit quality.

Net Profit up 36.2% to Rs 3,068 crore versus Rs 2,252 crore YoY

Net Interest Income (NII) up 12.6% to Rs 6,833 crore versus Rs 6,068 crore YoY

Gross NPA at 1.81% versus 1.98% QoQ

Net NPA at 0.51% versus 0.56% QoQ

Provisions to Rs 964 crore versus Rs 1,096 crore YoY

Provisions to Rs 964 crore versus Rs 990 crore QoQ

The lender's provisions stood at ₹963.6 crore, lower than ₹989.7 crore reported in the preceding quarter and ₹1,096 crore in the same quarter last year. The decline in provisioning reflects improving asset quality and reduced stress in the loan portfolio.