Bank of India records earnings of Rs 266 million in the second quarter
New Delhi, November 1 () The state-owned Bank of India (BoI) reported a net profit of 266.37 rupees on Friday for the second quarter ending September 30, due to a decrease in provisions for bad loans.
The bank had recorded a loss of Rs 1,156.25 rupees in the last fiscal quarter from July to September.
Total bank revenues increased to Rs 11,985.50 rupees during the second quarter, from Rs 10,800.24 rupees in the same period of 2018-19, according to a regulatory presentation from the Bank of India.
Provisions for bad loans were halved to Rs 1,452.09 rupees in the July-September quarter from Rs 3,343.27 rupees in the quarter of the previous year.
Its gross non-productive assets (NPA) moderated to 16.31 percent of gross advances by the end of September 2019, compared to 16.36 percent on September 30, 2018.
Net NPAs also decreased to 5.77 percent at the end of September from 7.64 percent in the same period last year.
In terms of value, the bank's gross NPAs remained stable at Rs 61,475.60 crore at the end of the September quarter.
The bank's provision coverage ratio increased to 77.12 percent at the end of the second quarter.
During the quarter ending September 30, 2019, the Bank has exchanged Level II Bonds that add up to Rs 1,000 million rupees through the exercise of the purchase option. Shares of the Bank of India were trading 2.10 percent higher at 72.80 in the BSE. DP BAL