SENSEX
NIFTY 50
Hang Seng
Taiwan Weighted
MCX GOLD OCT 05
MCX SILVER DEC 04
USD/INR
EUR/INR80.0630

SENSEX
NIFTY 50
NIFTY MIDCAP 100
S&P BSE MIDCAP
Hang Seng
Taiwan Weighted
DAX
Nasdaq
MCX GOLD OCT 05
MCX SILVER DEC 04
MCX CRUDEOIL OCT 19
MCX NATURALGAS SEP 25
USD/INR
EUR/INR
GBP/INR
JPY/INR

Stock Market Live: Sensex up 200 points, Nifty holds 11,200; RIL up 2%

Asian stocks fall on concerns about fresh lockdowns, banking sector

Oil falls after surprise rise in US crude inventories

Euro catched eye after ECB meet; pound shows resilience, dollar struggle continues

Earnings

Bank of India Q1 net profit surges to Rs 843 crore on lower provisions; asset quality improves

Updated : August 03, 2020 02:14 PM IST

Net Interest Income (NII) in Q1FY21 was down marginally to Rs 3,481.1 crore from Rs 3,485.4 crore, YoY.

Pre-provision operating profit increased to Rs 2,844.52 crore from Rs 2,271.35 crore in the same period last year.

Bank of India reported a net profit of Rs 843.6 crore in the quarter ended June 2020, a rise of 2.5X as against Rs 242.6 crore in a year-ago period, due to lower provisions.

Net Interest Income (NII) in Q1FY21 was down marginally to Rs 3,481.1 crore from Rs 3,485.4 crore, compared to the same period a year ago. Domestic net interest margin also fell to 2.73 percent from 3.03 percent, YoY.

Pre-provision operating profit increased to Rs 2,844.52 crore from Rs 2,271.35 crore in the same period last year.

Asset quality during the quarter improved significantly as gross non-performing assets (NPA) fell 6.1 percent to Rs 57,787.8 crore from Rs 61,549.9 crore while net NPA declined 7.3 percent to Rs 13,275 crore from Rs 14,320.1 crore, compared to the previous quarter.

Gross NPA as a percentage of gross advances fell by 90 bps to 3.6 percent from 3.9 percent and net NPA as a percentage of net advances decreased by 30 bps to 3.6 percent from 3.9 percent, on a sequential basis.

Total provisions in Q1FY21 declined to Rs 1512.07 crore from Rs 8,141.92 crore in the previous quarter. Provisions during Q1FY20 were at Rs 1,911.98 crore.

The Provision Coverage Ratio of the bank as on June 30, 2020, was 84.87 percent versus 83.74 percent as on March 31, 2020, and versus 77.18 percent as on June 30, 2019.

Slippages during the quarter were at Rs 402 crore versus Rs 2,764 crore, QoQ.

At 12:30 pm, the shares of Bank fo India were trading 3.18 percent higher at Rs 48.60 on the BSE.

Read all Q1 earnings reports here.

You May Also Like

Off The Charts: Rs 1 lakh invested in this cement firm in 2001 would have grown to Rs 7.8 cr

Off The Charts: Rs 1 lakh invested in this cement firm in 2001 would have grown to Rs 7.8 cr

Over 1 crore migrant labourers return to home states on foot during Mar-Jun: Govt

Over 1 crore migrant labourers return to home states on foot during Mar-Jun: Govt

Private equity major KKR to invest Rs 5,550 cr in Reliance Retail for 1.28% stake

Private equity major KKR to invest Rs 5,550 cr in Reliance Retail for 1.28% stake

Trending on CNBC-TV18

Live TV

recommended for you