Bank of India on Friday announced 9% year-on year rise in net profit to Rs. 964 crore for the quarter ended June 2013 compared with Rs. 887 crore in the corresponding quarter the previous year, helped by healthy growth in interest and non-interest income.
Net interest income (the difference between interest earned and interest paid) for the quarter ended June 2013 grew 24% to Rs. 2,537 crore compared with Rs. 2,044 crore in the year-ago period. Non-interest income increased 40% to Rs. 1,181 crore from Rs. 841 crore in same quarter the previous year.
"We expect 16% growth in advances and 18% growth in deposits in the current financial year," said VR Iyer, CMD, Bank of India.
Net non-performing assets (NPAs) increased to 2.10 % from 1.69% a year ago. Gross NPAs in the Q1FY14 stood at 3.04 % from 2.56% a year ago.