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With a three-fold increase in Q1 net income and improved asset quality, Bank of India is trading 3% higher

Jul 31, 2023

By: BlinkX Research Team

The lender announced a solid set of results for the April-June quarter on the basis of an increase in asset quality, and shares of Bank of India rose 3% in early trade on July 31.

In comparison to the same period last year, Bank of India's net profit increased by more than three times, to Rs 1,551 crore.

Along with a 51 basis point improvement in net interest margin to 3.37% from 2.87% last year, it also recorded a 45% year-over-year growth in net interest income to Rs 5,915 crore. One basis point is equal to one tenth of a percentage.

The gross non-performing assets (NPAs) of the state-run lender decreased in the quarter from 7.31% to 6.6%, indicating an improvement in asset quality. Its net NPA also decreased, from 1.66% on-quarter to 1.65%.

Source: Media Reports