Bank of India Q1 net up 8.6% at Rs 964 crore

Bank of India today reported an 8.6 per cent rise in net profit at Rs 964.18 crore for the first quarter ended June 30, 2013.

Its net profit in the corresponding (April-June) quarter of the previous fiscal 2012-13 was at Rs 887.45 crore.

Total income of the state-owned lender rose by 13.7 per cent to Rs 9,722.01 crore during the quarter from Rs 8,550.03 crore a year ago.

Bank's contingencies and provisions during the first quarter, however, also rose to Rs 694.56 crore from Rs 472.23 crore in the same quarter a year ago.

The net non-performing assets (NPAs) or bad loans of the bank in April-June increased to 2.10 per cent from 1.69 per cent a year earlier.

Gross NPAs in the first quarter of 2013-14 stood at 3.04 per cent from 2.56 per cent a year ago.