State-owned Bank of India reported a more than five-fold jump in standalone net profit to Rs 540.72 crore for the quarter ended in December. The bank had registered a net profit of Rs 105.52 crore in the year-ago period.
Speaking about slippages and gross NPAs, AK Das, MD and CEO at Bank of India told CNBC-TV18, “Proforma NPA as at Q3 end was Rs 5,800 crore and out of that almost Rs 660 crore we have regularised so there could be an upside of around Rs 2,000 crore in a worst case scenario.”
“As against 13.25 percent of gross NPAs, it could go up to 14 percent as at Q4 end, but all efforts are on to keep it at the current level only. So maybe between 13 percent and 14 percent will be the gross NPA number as at Q4 end,” Das added.
Total income during the third quarter of financial year 2020-21 was down at Rs 12,310.92 crore as against Rs 13,338.09 crore in the same quarter of the previous year, Bank of India said in a regulatory filing.
On a consolidated basis, the bank posted a net profit of Rs 610.37 crore, up by more than four times as against Rs 138.20 crore in the year-ago period. Income was down at Rs 12,372.88 crore as against Rs 13,430.53 crore.
On the asset front, gross bad loans or non-performing assets (NPA) fell to 13.25 percent of gross advances at the end of December 2020 as against 16.30 percent in the year-ago period. In value terms, gross NPAs were Rs 54,997.03 crore, lower than Rs 61,730.54 crore.
Likewise, the net NPA was trimmed to 2.46 percent (Rs 9,077.32 crore) from 5.97 percent (Rs 20,113.34 crore). Shares of Bank of India traded at Rs 60.85 apiece on the BSE, up 2.79 percent.