Aug 9: State-owned Bank of India (BOI) on Wednesday reported a standalone net profit of Rs 87.71 crore for the first quarter ended June 30, 2017, as against a net loss of Rs 741.36 crore it posted in the same quarter previous fiscal.
The bank’s total income during the quarter also increased to Rs 11,106.61 crore from Rs 10,664.36 crore in the same period a year ago.
As a percentage of total loans, gross non-performing assets fell to 13.05% at end-June from 13.38 per cent at end-June last fiscal. Net NPAs also declined to 6.7% in the June quarter compared to 7.78% in the same quarter last year.
Net interest income (NII) of the bank plunged 8.7% to Rs 2,533 crore compared with Rs 2,775 crore previous year. The bank’s other income (non-interest income) grew by 30% year-on-year to Rs 1,610.96 crore during the quarter.
Shares of the bank surged more than 6% intraday Wednesday on the BSE, after the results came in. At 3.42 pm, the Rs 10 face value shares were trading at Rs 158.45, up 3.77% from the previous closing of Rs 152.70.