State-owned Bank of India on Tuesday reported more than two-fold jump in its net profit to Rs 242.62 crore in the first quarter ended June 30.
The bank had posted a net profit of Rs 95.11 crore during April-June period of the previous fiscal. Total income of the bank rose to Rs 11,526.95 crore during the quarter, as against Rs 10,631.02 crore in the same period preceding fiscal, the bank said in a regulatory filing.
The lender witnessed slight improvement in its gross non-performing assets (NPAs) to 16.50 per cent of the gross advances as on June 30, 2019, down from 16.66 per cent by end of June 2018. Net NPAs or bad loans came down substantially to 5.79 per cent as against 8.45 per cent.
In absolute terms, the bank's gross NPAs stood at Rs 62,068.40 crore by end of June quarter this fiscal, as against Rs 60,604.46 crore as on June 30, 2018. Net NPAs were at Rs 19,288.34 crore, as against Rs 27,932.25 crore a year ago, the bank said.
However, its provisioning and contingencies for the quarter increased to Rs 9,255.60 crore from Rs 8,761.83 crore a year ago. Bank of India stock traded at Rs 71.25 on BSE, down 5.82 per cent from previous close.