Q1FY21 results: Bank of India net profit rises over 3 folds to Rs 843.6 crore

Bank of India announced its quarterly results on August 3, 2020. Standalone profit increased  by 247.7 per cent YoY to Rs 843.6 crore for the quarter ending June 2020, as compared to Rs 242.6 crore in Q1FY20.

Net interest income (NII) stood at Rs 3,481.14 crore which registered a decline of 0.1 per cent YoY, as against Rs 3,485.42 crore  it reported in Q1FY20. Total income increased by 3.6 per cent YoY to Rs 11,941.52 crore in Q1FY21 from Rs 11,526.95 crore in Q1FY20. The bank posted an operating profit of Rs 2,844.52 crore for Q1FY21, which decreased by 25.2 per cent YoY as against Rs 2,271.35 crore in Q1FY20.                                                                                                                                                                                                                               

Provisions and contingencies declined by 20.9 per cent YoY to Rs 1,512.07 crore in Q1FY21, as against Rs 1,911.98 crore in Q1FY20. Provision coverage ratio (PCR) improved sequentially to 84.87 per cent in June 2020 from 83.74 per cent in March 2020.                                                                                                                                                                                                          

On the asset quality front, the bank saw an improvement on sequential basis. Gross non-performing asset (NPA) in Q1FY21 came in at Rs 57,787.78 crore witnessing a decline of 6.1 per cent QoQ. Gross NPA (per cent) stood at 13.9 per cent in Q1FY21,which  declined  by  87 bps QoQ as against 14.78 per cent in previous quarter. Net NPA stood at Rs 13,274.95 crore witnessing a decline of 7.3 per cent QoQ. Net NPA (%) stood at 3.6 per cent in Q1FY21 registering a decline of 30 bps QoQ, compared to 3.88 per cent in previous quarter.

Capital adequacy ratio stood at 12.76 per cent in Q1FY21 that declined by 34 bps QoQ, as against 13.1 per cent in Q4FY20.              

The share is trading with gains of 2.55 per cent at Rs 48.3 at around 3:25 pm on BSE.