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.