Bank of India Q1 net falls 84% on higher bad loan provisioning

Gross NPA as a percentage of total loans spiked to 6.8%

Bank of India (BoI) today reported a 84% decline in net profit at Rs 129.72 crore in the April-June quarter of the current fiscal.

The bank had a net profit of Rs 805.69 crore in the first quarter of 2014-15 fiscal.

Provisioning during the first quarter rose to Rs 1,515 crore, from Rs 893 crore in the same period last fiscal, BoI said in an NSE filing.

The gross Non-Performing Assets (NPAs) as a percentage of total loans spiked to 6.80% during the June quarter, from 3.28% in the year-ago period.

The value of gross NPA stood at Rs 26,889 crore during the June quarter, as against Rs 12,532 crore in the same quarter last fiscal.

Total income of the bank rose to Rs 11,659 crore during June quarter, from Rs 11,328 crore in the same quarter of 2014-15 fiscal.

Shares of BoI were trading at Rs 161.80, down 1.19% over previous close on the NSE.