Bank of India Q1 profit falls by 22% to Rs 561 crore   

NEW DELHI: Bank of India on Tuesday reported a 22% fall in standalone net profit at Rs 561 crore for the first quarter of FY23 on higher operating expenses, even as bad loans declined. The lender had reported a net profit of Rs 720 crore in the corresponding quarter ended June 2021.

Sequentially, the net profit was down 7.4%. Total income during April-June 2022-23 fell to Rs 11,124.36 crore from Rs 11,641.37 crore in the year-ago period as income from other sources was down, Bank of India said in a regulatory filing.

The core interest income grew 7% in the quarter to Rs 9,972.64 crore, while other income fell by over 50% to Rs 1,152 crore. Operating expenses were higher by 12% during the quarter at Rs 3,041 crore from Rs 2,715 crore.

On a consolidated basis, the net profit in the first quarter of FY23 was down 11% at Rs 657.62 crore compared to Rs 735.37 crore. Total income too fell to Rs 11,207.57 crore from Rs 11,709.62 crore. BoI improved on its asset quality as gross non-performing assets fell to 9.30% of gross advances by the end of June 2022.