Bank of India's Q2 net profit at Rs 127 crore; provisions drop 29% YoY

NEW DELHI: Bank of India on Thursday reported a profit after tax of Rs 126.84 crore for the quarter ended September 30. The lender had reported a loss of Rs 1,126.24 crore for the same quarter last year. The number came in higher than Rs 300 crore loss analysts had estimated for the quarter in an ETNow survey.

The lender said its asset quality deteriorated marginally during the quarter on a sequential basis and the bank made lesser provisions on a QoQ basis.
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Gross non-performing assets (NPAs) for the quarter rose to 13.45 per cent from 13.38 per cent in June quarter. On a net basis, NPAs fell to 7.56 per cent from 7.78 per cent in Q1 of FY17.

Bank of India made provisions to the tune of Rs 2,296 crore for the September quarter, down 29 per cent from Rs 3,237 crore reported for the year-ago quarter. The bank had made provisions of Rs 2,770 crore for June quarter.