Bank of India’s Q1 net profit rises 10% to Rs 1,703 cr, NII up 6%
Provisions of the lender increased 57 per cent on a YoY basis and declined 29 per cent sequentially in Q1FY25 to Rs 1,293 crore.
State-owned Bank of India (BoI) reported a 10 per cent year-on-year (YoY) growth in net profit for the quarter ending June 2024 (Q1FY25), aided by lower tax outgo. Its net profit for the quarter stood at Rs 1,703 crore, as against Rs 1,551 crore in the corresponding period a year ago.
Net interest income (NII) was up 6 per cent YoY to Rs 6,275 crore in Q1FY25, compared to Rs 5,915 crore in Q1FY24, aided by robust growth in advances. However, its non-interest income was down 12 per cent YoY to Rs 1,302 crore.
Its net interest margin – a measure of profitability of banks – stood at 3.07 per cent in Q1FY25, up 14 basis points (bps) from the preceding quarter.
Provisions of the lender increased 57 per cent on a YoY basis and declined 29 per cent sequentially in Q1FY25 to Rs 1,293 crore.
Gross slippages for the quarter stood at Rs 2,973 crore in Q1FY25, out of which Rs 1,056 was from the MSME sector, Rs 588 crore was from the retail portfolio, and Rs 737 crore was from the agriculture portfolio. Corporate slippages for the quarter stood at Rs 564 crore.
Gross Slippages in Q1FY25 was lower than Q4FY24 and Q1FY24. The bank had reported gross slippages to the tune of Rs 3,309 crore in Q4FY24, and Rs 4,030 crore in Q1FY24.
Asset quality of the lender improved, with gross non-performing assets (NPAs) ratio at 4.62 per cent in Q1FY25, down 36 bps from the preceding quarter. Net NPAs were also down 23 bps at 0.99 per cent in Q1FY25. Provision coverage ratio (PCR) of the lender improved to 92.11 per cent in Q1FY25, as against 90.59 per cent in Q4FY24.
Advances of the lender was up 15.82 per cent YoY and 2.50 per cent sequentially to Rs 6 trillion. And, deposits were up 9.91 per cent YoY and 2.89 per cent sequentially to 6.47 trillion during Q1FY25.
First Published: Aug 03 2024 | 3:03 PM IST