State-owned Bank of India on Friday reported a 176 percent year-on-year (YoY) jump in net profit at Rs 1,551.1 crore for the first quarter that ended June 30, 2023.

In the corresponding quarter last year, Bank of India posted a net profit of Rs 562 crore, the company said in a regulatory filing.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose 45.2 percent year-on-year to Rs 5,914 crore from Rs 4,072.4 crore.

The gross non-performing asset (GNPA) stood at 6.67 percent in the June quarter against 7.31 percent in the March quarter. Net NPA came at 1.65 percent against 1.66 percent quarter-on-quarter.

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In monetary terms, gross NPA stood at Rs 34,582 crore against Rs 37,685.56 crore quarter-on-quarter, whereas net NPA came at Rs 8,118.7 crore against Rs 8,053.6 crore quarter-on-quarter.

The operating profit increased by 72 percent year-on-year to Rs 3,752 crore for the first quarter in FY24 against Rs 2,183 crore for the first quarter in FY23. Non-interest income increased by 27 percent year-on-year to Rs 1,462 crore from Rs 1,152 crore.

Provision Coverage Ratio (PCR) improved by 156 bps from 87.96 percent in June 2022 to 89.52 percent in June 2023. As on June 30, 2023, the bank's total Capital Adequacy Ratio (CRAR) was at 15.60 percent against 16.28 percent in March 2023. The Common Equity Tier-1 ratio stood at 13.02 percent as on June 2023 against 13.60 percent in March 2023.

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For the quarter, Return on Assets (RoA) improved by 42 bps to 0.71 percent against 0.29 percent in the first quarter of FY23, while Return on Equity (RoE) improved by 806 bps to 14.90 percent year-on-year against 6.84 percent.

For the quarter, business per employee improved to Rs 23.21 crore in June 2023 from Rs 21.26 crore in June 2022, while business per branch improved to Rs 237.04 crore in Jun 2023 from Rs 218.24 crore in June 2022.

The results came after the close of the market hours. Shares of Bank of India ended at Rs 83.96, down by Rs 0.71, or 0.84 percent on the BSE.

(Edited by : Pradeep John)