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Bank of India swings from loss to profit in Q1

Bank of India on Wednesday reported a profit for the June quarter against loss a year ago after the lender provided less provisions against bad loans and other income jumped.
Net profit for the quarter stood at Rs87.71 crore as compared to a net loss of Rs374.97 crore a year ago. Ten analysts polled by Bloomberg had forecast a net loss of Rs83.90 crore.
Provisions and contingencies declined 19% to Rs2,245.28 crore from Rs2,770.19 crore in the same quarter last year. Quarter-on-quarter, it slumped 53% from Rs4,736.21 crore. Other income surged 30.08% from a year ago to Rs1,610.96 crore.

As a percentage of total loans, gross non-performing assets (NPAs) fell to 13.05% as compared to 13.22% in the previous quarter and 13.38% in the year-ago quarter. Net NPAs declined to 6.7% in the June quarter compared to 6.9% in the previous quarter and 7.78% in the same quarter last year.
Gross NPAs slowed down by 1.7% to Rs51,019 crore at the end of the June quarter from Rs51,875 crore in the same quarter last year.
Net interest income (NII), or the core income a bank earns by giving loans, decreased 8.7% to Rs2,533.03 crore from Rs2,775.17 crore last year.
Advances for the quarter were mostly unchanged at Rs3.64 trillion from a year ago. Deposits rose 9.2% to Rs5.44 trillion.

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