All Rights Reserved Finance News 2020.
Bank of India Q1 effects: Net profit rises over three-fold to Rs 844 crore
New Delhi: State-owned Bank of India (BoI) on Monday claimed over three-fold rise in internet profit to Rs 843.60 crore for the fraction ended June 30, because pressure of bad financial loans eased. The bank had authorized a net profit of Rs 242.60 crore in the April-June period of 2019-20.
The total revenue during the period under analysis increased to Rs 11,941.52 crore, via Rs 11,526.95 crore in the year-ago time period, BoI said in a regulating filing.
On the property front, the bank witnessed progress with gross non-performing property (NPAs) declining to 13.91 per cent of this gross advances as about June 30, 2020 because against 16.50 % in the same period in 2009.
Similarly, net NPAs or maybe bad loans too decreased to 3.58 %, from 5.79 % in the corresponding period this past year.
As a result, the provisioning for bad loans decreased to Rs 766.62 crore during April-June of this fiscal, from Rs 1,873.28 crore in the same period in 2009.
Overall, the eventualities and provisions during the fraction too eased to Rs 1,512.07 crore, from Rs 1,911.98 crore a year-ago.