Bank of India Q1 net profit down 16 pct at Rs 805 crore

Written by PTI | New Delhi | Updated: Jul 31 2014, 00:43am hrs
Bank of India's standalone net profit declined by over 16 per cent to Rs 805.69 crore in the first quarter ended June 2014 on higher provisions for contingencies.

The bank had posted net profit of Rs 964.18 crore during the corresponding April-June quarter in the previous fiscal.

Total income of the bank increased from Rs 9,722.01 crore for the quarter ended June 30, 2013 to Rs 11,328.73 crore for the quarter ended June 30, 2014, it said in a BSE filing.

Bank's contingencies and provisioning for bad loans in the first quarter 2014-15 rose to Rs 893.07 crore during the quarter, from Rs 694.56 crore a year ago.

The net non-performing assets (NPAs) or bad loans grew slightly to 2.14 per cent in Q1, from 2.1 per cent in the previous fiscal.

Gross NPAs were at 3.28 per cent over 3.04 per cent in the corresponding period of previous fiscal.

BOI shares closed 0.86 per cent lower at Rs 280.95 apiece on the BSE today.