Bank of India (BoI) today reported a 42.42 per cent jump in its net profit to Rs 177.15 crore in the first quarter (Q1) ended June 30, 2002, against Rs 124.38 in the corresponding quarter last year.
The growth in profit has been aided mainly by a 126 per cent jump in income from treasury operations (sale of securities) at Rs 147 crore in the reporting Q1 against Rs 65 crore in Q1 of 2001-02.
Interest earned by the bank in Q1 edged up by 5.96 per cent at Rs 1,412.17 crore (Rs 1,332.63 crore in Q1 of 2001-02) and other income increased by 43.86 per cent to Rs 286.38 crore (Rs 199.06 crore).
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In the reporting quarter, interest expended marginally increased by 2.36 per cent at Rs 942.87 crore (Rs 921.11 crore) and operating expenses stayed flat at Rs 376.20 crore (Rs 370.22 crore). Other provisions and contingencies surged 103.37 per cent to Rs 142.28 crore (Rs 69.96 crore).
The net non-performing assets (NPAs) declined from 6.02 per cent in March-end 2002 to 5.78 per cent as on June-end 2002. Gross NPAs declined 9.37 per cent to 8.91 per cent during the period.
"The overall business mix on a gross basis increased by 20 per cent to cross Rs 1.02,000 crore," K V Krishnamurthy, chairman and managing director, said at BoI's 6th annual general meeting here today.
In the quarter, deposits increased by Rs 1,122 crore, while advances were at Rs 796 crore (domestic advances: Rs 192 crore; foreign advances : Rs 604 crore).
As on June 30, 2002, BoI's global deposits stood at Rs 60,833 crore (domestic deposits : Rs 49,640 crore; foreign deposits : Rs 11,193 crore) and global advances were at Rs 39,234 crore (domestic advances : Rs 28,854 crore; foreign advances : Rs 10,380 crore).