Bank Of India Q2 net profit falls 9% as provisions rise
Total provisions doubled to ₹1,912 crore in the quarter from ₹894 crore a year ago. CEO AK Das said a majority of the provisions came on standard accounts belonging to state governments in which payments were delayed and hence provisions had to be...
By ET Bureau | Updated:
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Mumbai: State-owned Bank of India's (BoI) net profit fell 9% year-on-year as the lender surprisingly increased provisions despite a fall in non-performing assets (NPAs). Net profit fell to ₹960 crore in the quarter ending September from ₹1,051 crore a year ago.
Total provisions doubled to ₹1,912 crore in the quarter from ₹894 crore a year ago. CEO AK Das said a majority of the provisions came on standard accounts belonging to state governments in which payments were delayed and hence provisions had to be made after a Reserve Bank of India (RBI) inspection.
Total NPAs fell to 8.51% from 12% a year ago.
Das said he expects gross NPAs to come down below 8% by the end of FY23.
Total provisions doubled to ₹1,912 crore in the quarter from ₹894 crore a year ago. CEO AK Das said a majority of the provisions came on standard accounts belonging to state governments in which payments were delayed and hence provisions had to be made after a Reserve Bank of India (RBI) inspection.
Total NPAs fell to 8.51% from 12% a year ago.
Das said he expects gross NPAs to come down below 8% by the end of FY23.
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