Bank of India reported first quarter net profit grew 10% to ₹1,703 crore from the year ago period due to improvement in asset quality. Net Interest Income (NII) of the bank for the quarter ended June 30, 2024 increased 6% YoY to ₹6,275 crore.  NIM (Global) improved by 4 bps to 3.07% in Q1FY25 against 3.03% in Q1FY24.  NIM (Domestic) improved by 6 bps to 3.43% in Q1FY25 against 3.37% in Q1FY24, the bank said in a filing. It said its global business increased by 12.34% YoY and global deposits increased by 9.74% YoY and global advances increased by 15.82% YoY. While retail credit grew by 20.46% YoY, agriculture and MSME credit grew 22.18% and 13.06% YoY respectively. The bank’s Gross NPA declined by 20% YoY to ₹27,716 crore and Net NPA declined by 30% YoY to ₹5,702 crore.

GNPA ratio improved by 205 bps from 6.67% YoY to 4.62% and Net NPA ratio improved by 66 bps from 1.65% YoY to 0.99%.Provision Coverage Ratio (PCR) stood at 92.11% and the bank’s total Capital Adequacy Ratio (CRAR) improved by 58 bps and stood at 16.18% as on 30.06.24 against 15.60% a year ago. CET-1 ratio as on June 30, 2024 stood at 13.62%.    Return on Assets (RoA) stood at 0.70% against 0.71% in Q1FY24. Return on Equity (RoE) stood at 13.48% against 15.18% in the year ago period.