• July 28, 2023

Uco Bank: Bank of India Q1 profit surges nearly three-fold to Rs 1,551cr – Times of India

Uco Bank: Bank of India Q1 profit surges nearly three-fold to Rs 1,551cr – Times of India
Share


NEW DELHI: State-owned Bank of India (BOI) on Friday reported a nearly three-fold jump in net profit to Rs 1,551 crore in the June quarter due to a decline in bad loans.

The Mumbai-based lender had posted a net profit of Rs 561 crore in the year-ago period.
The total income in the first quarter of the current fiscal rose to Rs 15,821 crore as against Rs 11,124 crore in the same period a year ago, Bank of India said in a regulatory filing.

The lender’s interest income also increased to Rs 14,359 crore from Rs 9,973 crore in the same quarter a year ago.
On the asset quality side, the bank witnessed an improvement with the gross Non-Performing Assets (NPAs) easing to 6.67 per cent of the gross advances by June 2023 from 9.30 per cent a year ago.
The net NPA too declined to 1.65 per cent against 2.21 per cent in the same period of the previous year.
As a result, provisions for bad loans came down to Rs 777 crore compared to Rs 1,304 crore in the same quarter a year ago.
Provision Coverage Ratio of the bank increased to 89.52 per cent as of June 2023 against 87.96 per cent at the end of the first quarter of the previous financial year.
The capital adequacy ratio of the bank declined marginally to 15.60 per cent at the end of June compared to 15.61 per cent a year ago.




Source


Share

Related post

Stock market today: BSE Sensex dips over 200 points in opening trade; Nifty50 near 24,000 – Times of India

Stock market today: BSE Sensex dips over 200…

Share Analysts expect markets to remain subdued on the back of several global events. (AI image) Stock market…
Azad Engineering bags Rs 700 crore order from Japanese giant Mitsubishi – Times of India

Azad Engineering bags Rs 700 crore order from…

Share HYDERABAD: Azad Engineering Ltd, a Hyderabad-based manufacturer of complex and highly engineered precision forged components for global…
FMCG firms worry over high inflation, squeezing urban market; hint price hike – Times of India

FMCG firms worry over high inflation, squeezing urban…

Share NEW DELHI: Leading FMCG companies reported a decline in margins in the September quarter on account of…