Bank of India - Q1FY14 Result First-Cut - Microsec

Bank of India Ltd. announced its Q1FY14 result on 26th July 2013.

The Bank's total income increased by 4.14% QoQ and 28.89% YoY to INR3717.79 crores, driven by 24.15% and 40.42% YoY growth in its Net Interest Income (NII) and Other Income respectively. Whereas, Profit After Tax (PAT) increased by 27.44% QoQ and 8.65% YoY to INR964.18 crores. The Bank has decreased its provision by 54.02% QoQ to INR694.56 crores which has pushed up its bottom line.

During the quarter, the Bank's loan book and total deposits expanded by 16.94% and 22.41% YoY to INR305600.01 and INR414964.19 crores respectively. On the asset quality front, the Bank's asset quality is still the matter of concern. Net NPA and Gross NPA increased by 4 and 5bps QoQ and 41 and 48bps YoY to 2.10% and 3.04% respectively. Provision Coverage Ratio (PCR) stood at 60.97% while Capital Adequacy Ratio (CAR) stood at 10.66% which is 1.66% higher than the regulator's stipulated norm.

Source : Equity Bulls

Keywords