Bank of India Q1: NII declines but profit rises 32%, asset quality improves

News Topical, Digital Desk : Public sector Bank of India, included in BSE 200, has presented its quarterly results. The figures were released after the market closed. According to the results, the bank's net interest income has seen a decline of more than 3 percent on a year-on-year basis. However, even after this, profits have increased by more than 32 percent. Profits have benefited from the decline in the bank's provisions compared to last year. Along with this, the bank's asset quality has also improved. The stock closed with a gain of more than half a percent on Tuesday.

How were the quarterly results?

According to the information sent to the stock market, the bank's profit has increased from Rs 1,703 crore to Rs 2,252 crore on an annual basis. It has seen a growth of 32.2 percent on a year-on-year basis. However, the bank's net interest income has come down from Rs 6,276 crore to Rs 6,068 crore. It has seen a decrease of 3.3 percent on a year-on-year basis. The reduction in provisioning has had a positive effect on the bank's profit. Which has come down from Rs 1,293 crore to Rs 1,096 crore. The bank's asset quality has seen improvement. On a quarter-on-quarter basis, the bank's gross NPA has come down from 3.27% to 2.92%, while the net NPA has also come down from 0.82% to 0.75%. 

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