Bank of India (BoI) on Tuesday reported its first-quarter net profit declined 14.7% to ₹720 crore from ₹844 crore in the year-earlier period due to higher provisioning for bad loans and less net interest income (NII).
NII declined 9.67% to ₹3,145 crore.
Net non-performing assets (NPA) decreased 6.4% to ₹12,424 crore, while gross NPA was down 3.02% to ₹56,042 crore.
Total provisioning for the quarter was ₹2,086 crore, a 4.26% increase. Out of this, provisioning for NPA was ₹873 crore, up 13.9%.
Provision Coverage Ratio (PCR) at 86.17% improved by 130 bps y-o-y, the bank said in a filing.
Global advances stood at ₹4,14,697 crore, down 0.18% y-o-y. Domestic advances increased by 1.65% y-o-y to ₹3,65,653 crore.
Priority sector advances increased by 10.58% y-o-y to ₹1,39,020 crore. Advances to small and marginal farmers constitutes 9.35% to ANBC (adjusted net bank credit) and that to weaker sections constitutes 12.10%, which are well above the regulatory norm.
Its global business grew by 2.71% y-o-y to ₹10,38,083 crore, while its global deposits increased by 4.73% y-o-y to ₹6,23,385 crore, the bank said. Its domestic deposits during the quarter went up by 6.71% y-o-y to ₹5,52,303 crore.
Domestic CASA went up by 13.80% y-o-y to ₹2,35,980 crore and CASA percentage stood at 43.22%, it said.
As on June 30, 2021, the bank’s total Capital Adequacy Ratio (CRAR) was at 15.07% against 14.93% in March 21, it said.
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