logo

BoI back in black in Q1 on lower NPAs

BoI back in black in Q1 on lower NPAs
State-owned Bank of India (BOI) swung into black by registering a standalone net profit of Rs 87.71 crore for the first quarter ended June as bad loans were brought down year-on-year.

The bank had reported a net loss of Rs 741.36 crore in the April-June quarter of previous fiscal due to bad assets and higher provisioning to cover it.
Compared sequentially also, the performance has been good as there was a net loss of Rs 1,045.54 crore on bank's balance sheet during March quarter of previous fiscal, the bank said in a regulatory filing. While for the full year 2016-17, there was a net loss of Rs 1,558.34 crore on its books. Earnings-wise, bank's total income during April-June quarter of 2017-18 increased to Rs 11,106.61 crore from Rs 10,664.36 crore in the same period a year earlier.
Net NPAs or bad loans fell to 6.70 per cent of the net advances by June end this year.
Agencies

Agencies

Our contributor helps bringing the latest updates to you


Share it
Top