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Public sector bank, Bank of India has reported a decline of 22% YoY in its profits for the quarter ended in June 2022. Profit for this year came in at Rs 561 crores while the same for last year was Rs 720 crores.
The total income of the bank fell 4.4% to Rs 11,124.36 crores. The net Interest Income of the bank grew 29.4% YoY to Rs 4,072 crores as the Net Interest Margin improved to 2.55%. However, Other income fell 50.3% to Rs 1,152 crores as treasury gains were hit due to the hardening of bond yields.
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Operating expenses were higher by 12% during the relevant quarter at Rs 3,041 crore from Rs 2,715 crore last year. The company's pre-provisioning operating profit fell 22% to Rs 2,183 crores. NPA provisioning improved 49.4% during the quarter to Rs 1,304 crores as the bank's provision coverage ratio improved to 87.96%.
Asset quality showed significant improvement as Gross NPAs declined to 9.3% (from 13.5% last year) & Net NPAs fell to 2.21% (from 3.35% last year).
The bank's Capital Adequacy Ratio improved to 15.61% during the quarter. Its global deposits improved by 2.78% to Rs 6.4 trillion whereas Rs 5.5 trillion was domestic (down 1.1% YoY). Its loan portfolio improved 15.2% YoY to Rs 4.77 trillion.
The share currently trades around Rs 49.15 per share, down 2.3%.
Article by Aman Agarwal.
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