BOI Q1FY21 pre-tax profit up 271% to Rs 1,332 cr on higher other income

Lower provisions support the better Q1 show; net profit up almost 3.5x to Rs 843 cr

Bank of India (BoI) on Monday reported a fourfold jump in profit before tax (PBT) to Rs 1,332.45 crore in the quarter ended June (Q1Fy21) owing to rise in other income and lower provisions and contingencies. The public sector bank had posted PBT of Rs 359.3 crore in the June quarter last financial year.

The lender's net profit for the reporting quarter rose to Rs 843.6 crore from net profit of Rs 242.6 crore in the year-ago period. 

The bank’s stock closed 2.02 per cent higher at Rs 48.05 apiece on the BSE. The bank’s capital adequacy ratio stood at