Bank of India's Q1 profit declines 22% to Rs 561 cr as provisions rise

Fall in non-interest income, rise in bad loan provisions drag down company's net

Bank of India's net profit declined 22.08 per cent year-on-year (YoY) to Rs 561 crore in the first quarter of financial year 2022-23 (Q1FY23) on fall in non-interest income and rise in provisions for bad loans.

The Mumbai-based public sector lender had posted a net profit of Rs 720 crore during the year-ago period (Q1FY22).

The bank’s stock closed 2.65 per cent higher at Rs 50.4 per share on BSE on Tuesday.

While the bank’s net interest income (NII) was up 29.4 per cent at Rs 4,072 YoY, net interest margin (NIM) improved to 2.55 per cent from 2.16