Bank of India Q1 net profit falls 15% on lower NII, higher provisions

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BoI’s home nett involvement borderline (NIM), a cardinal measurement of profitability, roseate 19 ground points (bps) sequentially to 2.35%. This was, nonetheless, little than the 3%-plus levels seen a twelvemonth ago.

Deposits accrued  6.7% y-o-y to Rs 5.52 lakh crore astatine  the extremity  of June 2020. The existent   relationship  savings relationship  (CASA) ratio stood astatine  43.22% astatine  the extremity  of Q1FY22, higher than 40.61% a twelvemonth  ago.Deposits accrued 6.7% y-o-y to Rs 5.52 lakh crore astatine the extremity of June 2020. The existent relationship savings relationship (CASA) ratio stood astatine 43.22% astatine the extremity of Q1FY22, higher than 40.61% a twelvemonth ago.

Public-sector lender Bank of India (BoI) connected Tuesday reported a nett net of Rs 720 crore successful the June 4th of FY22, down 14.7% year-on-year (y-o-y), owing to a 9.65% diminution successful nett involvement income (NII) connected a y-o-y ground to Rs 3,145 crore. The bottomline was besides deed by higher provisions, which roseate 13% y-o-y to Rs 1,709 crore.

BoI’s home nett involvement borderline (NIM), a cardinal measurement of profitability, roseate 19 ground points (bps) sequentially to 2.35%. This was, nonetheless, little than the 3%-plus levels seen a twelvemonth ago.

The bank’s home advances arsenic connected June 30 were astatine Rs 3.66 lakh crore, up 1.65% connected a y-o-y basis. AK Das, MD & CEO, BoI, said, “We expect a concern maturation of 6-7% successful the existent twelvemonth with reorientation successful liability and plus structure.” Along with this, amended postulation and betterment mechanisms volition alteration the slope to amended its NIM to astir 2.5%, Das added.

Deposits accrued 6.7% y-o-y to Rs 5.52 lakh crore astatine the extremity of June 2020. The existent relationship savings relationship (CASA) ratio stood astatine 43.22% astatine the extremity of Q1FY22, higher than 40.61% a twelvemonth ago.

The slope has restructured 19,077 accounts with an vulnerability of Rs 401.67 crore nether solution model 2.0.BoI’s proviso sum ratio (PCR) fell to 86.17% from 86.24% astatine the extremity of March. Slippages fell to Rs 3,942 crore from Rs 7,368 crore successful the erstwhile quarter. The slope made recoveries worthy Rs 851 crore successful Q1FY22, down from 975 crore successful Q4FY21.

The lender showed an betterment connected the plus prime beforehand successful Q1, with the gross non performing plus (NPA) ratio falling 26 bps sequentially to 13.51%. The nett NPA ratio remained level sequentially astatine 3.35%.

The superior adequacy ratio of BoI arsenic per Basel III, stood astatine 15.07% arsenic connected June 30, up from 12.76% a twelvemonth ago, and its communal equity tier-I (CET-I) ratio was astatine 11.52%, up from 9.46% a twelvemonth ago. BoI’s shares ended 0.2% higher than their erstwhile adjacent astatine Rs 74.35 connected the BSE connected Tuesday.

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