Bank Of India Posts Rs 95 Crore Profit In June Quarter

Bank of India Ltd said on Tuesday quarterly profit rose 8.4 per cent as the state-run bank recomputed tax provisions made a year earlier. Net profit was Rs 95.11 crore ($13.86 million) for the three months ended June, compared with Rs 87.71 crore a year earlier, it said in a statement. Analysts, on average, were looking for a loss of Rs 1,260 crore, according to estimates by Thomson Reuters.

Gross bad loans as a percentage of total loans rose to 16.66 per cent at end-June, from 16.58 per cent in the previous quarter, and 13.05 per cent a year ago.

Bad loans held by the country's banks rose to Rs 10.36 lakh crore at the end of March, the government said last week, with state-backed lenders accounting for more than 86 per cent of the total non-performing loans.