Bank of India Q1 Net up 8.6% at Rs 964 crore
Bank of India today reported 8.6% rise in its net profit at Rs 964.18 crore for the first quarter ended June 30, 2013.
Its net profit in the corresponding (April-June) quarter of previous fiscal 2012-13 was at Rs 887.45 crore. Total income of the state-owned lender rose by 13.7% to Rs 9,722.01 crore during the quarter from Rs 8,550.03 crore a year ago.
Bank's contingencies and provisions during the first quarter, however, also rose to Rs 694.56 crore from Rs 472.23 crore in the same quarter a year ago.
The net non-performing assets (NPAs) or bad loans of the bank in April-June increased to 2.10% from 1.69% a year earlier. Gross NPAs in the first quarter of 2013-14 stood at 3.04% from 2.56% a year ago. Shares of the bank were traded at Rs 182.05 apiece on the BSE in noon trades, down 5.31% from their previous close.