State-owned Bank of India (BoI) on Monday reported over three-fold rise in net profit to ₹843.60 crore for the quarter ended June 30, as pressure of bad loans eased.
The bank had registered a net profit of ₹242.60 crore in the April-June period of 2019-20.
The total income during the period under review increased to ₹11,941.52 crore, from ₹11,526.95 crore in the year-ago period, BoI said in a regulatory filing.
On the assets front, the bank witnessed improvement with gross non-performing assets (NPAs) declining to 13.91% of the gross advances as on June 30, 2020 as against 16.50% in the same period a year ago.
Similarly, net NPAs or bad loans too declined to 3.58%, from 5.79% in the corresponding period last year.
As a result, the provisioning for bad loans declined to ₹766.62 crore during April-June of this fiscal, from ₹1,873.28 crore in the same period a year ago.
Overall, the contingencies and provisions during the quarter too eased to ₹1,512.07 crore, from ₹1,911.98 crore a year-ago.
You have reached your limit for free articles this month.
To get full access, please subscribe.
Already have an account ? Sign in
Show Less Plan
Subscription Benefits Include
Today's Paper
Find mobile-friendly version of articles from the day's newspaper in one easy-to-read list.
Faster pages
Move smoothly between articles as our pages load instantly.
Unlimited Access
Enjoy reading as many articles as you wish without any limitations.
Dashboard
A one-stop-shop for seeing the latest updates, and managing your preferences.
Personalised recommendations
A select list of articles that match your interests and tastes.
Briefing
We brief you on the latest and most important developments, three times a day.
*Our Digital Subscription plans do not currently include the e-paper ,crossword, iPhone, iPad mobile applications and print. Our plans enhance your reading experience.
A letter from the Editor
Dear subscriber,
Thank you!
Your support for our journalism is invaluable. It’s a support for truth and fairness in journalism. It has helped us keep apace with events and happenings.
The Hindu has always stood for journalism that is in the public interest. At this difficult time, it becomes even more important that we have access to information that has a bearing on our health and well-being, our lives, and livelihoods. As a subscriber, you are not only a beneficiary of our work but also its enabler.
We also reiterate here the promise that our team of reporters, copy editors, fact-checkers, designers, and photographers will deliver quality journalism that stays away from vested interest and political propaganda.
Suresh Nambath
