Bank of India Q1 profit down 28 per cent at Rs 517 crore

MUMBAI: State-owned Bank of India (BoI) on Monday posted a 28 per cent decline in net profit at Rs 517.5 crore for the first quarter ended June 30, 2011.

It had posted a net profit of Rs 725.1 crore for the corresponding quarter of the last fiscal, BoI said in a filing to the Bombay Stock Exchange (BSE).

However, the total income of the bank during the period increased by 34.8 per cent at Rs 7,293.6 crore as compared to Rs 5,407.6 crore during the year-ago period.

The interest income of the bank rose to Rs 6,633.5 crore as compared to Rs 4,821.7 crore in the same quarter in the previous fiscal.

BoI's gross non-performing assets (NPAs) declined marginally to 2.69 per cent during the quarter ended June 30 from 2.71 per cent in the same quarter a year ago, it said.