Bank of India (BoI), the country's sixth-largest lender by assets, reported a net profit of Rs87.7 crore for fiscal first quarter ended 30 June, helped by strong other incomes and some improvement in asset quality.
Its net profit stood at Rs 18.22 crore in the year-ago period, the Delhi-based firm said in a statement.
Total income also fell to Rs 2,062.57 crore during the June quarter, as against Rs 2,279.11 crore in the same period of 2016-17. Kayakalp - a revolutionary biological product for the soil health has been already launched in the last quarter.
Stressed assets includes gross non-performing and restructured loans.
PFS sanctioned debt assistance of Rs 643 crore during June quarter.
Recovery in the quarter improved to Rs 1,360 crore from Rs 970 crore in the year-ago period.
Total stressed assets (GNPA + restructured standard assets), as percentage of global gross advances, declined to 16.03 per cent from 16.47 per cent previous year. Net NPAs were at 6.70 per cent as against 7.78 per cent a year ago. NPAs were lower by 2 per cent quarter-on-quarter while net NPA dropped 3.7 per cent to Rs24,370 crore in Q1FY18.
During the quarter, the company produced 1,00,695 tonnes of aluminium, which is 6.6 per cent more than 94,496 tonnes produced in the 1st quarter of previous financial year. Deposits rose 9.2 per cent to Rs5,44,000 crore.
"In terms of RBI circular, .the board of directors of the bank has approved standard assets provision of 0.10 per cent over and above the regulatory minimum in respect of bank's advances pertaining to textiles, iron & steel and telecommunications sectors".
In total, Bank of India has exposure of Rs 12,000 crore towards 36 loan accounts (including the 10 accounts above) admitted to the National Company Law Tribunal under the Insolvency and Bankruptcy Code.