NE BUSINESS BUREAU
MUMBAI, AUG 4
The state-owned Bank of India (BOI) has reported a nearly 2.5 times rise in standalone net profit at Rs 843.6 crore in the First Quarter of 2020-2021 (April-June quarter) as against Rs 242.6 crore in the corresponding period of last year on account of lower provisions. Net Interest Income (NII) saw a marginal fall to Rs 3,481.1 crore from Rs 3,485.4 crore in the quarter under review, Bank of India said in a release on Monday.
The audited results for the Q1 FY 2020-21, was approved by its Board of Directors on August 3, 2020.
In Q1FY21, non-performing assets (NPAs) declined 6 per cent to Rs 57,787.8 crore compared to Rs 61,549.9 crore in the same period last year. Net NPA fell 7.3 percent to Rs 13,275 crore from Rs 14,320.1 crore, on the Q-oQ basis. Gross NPA as a percentage of gross advances plunged 90 bps to 3.6 per cent from 3.9 per cent, on a sequential basis.
Total provisions in Q1FY21 declined to Rs 1512.07 crore from Rs 1,911.98 crore in Q1FY20.
“The COVID-19 continues to spread across many countries and in India and the same has resulted in significant volatility and decline in the global and local economic activities. The situation continues to be uncertain and the Bank is evaluating the situation on an ongoing basis. The major challenge for the Bank would arise from volatility in cash flows. Despite these events and conditions, there would not be any significant impact on Bank’s results in future and on the going concern assumption,” a release from the Bank added.
