MUMBAI: Public sector lender Bank of India has reported a 32% jump in net income at Rs 2,252 crore in the June quarter driven by other income and better asset quality, which cushioned a fall in net interest income, compared to Rs 1,702.7 crore in the same period last fiscal.
The other income or non-interest income of the city-based lender rose 66.4% to Rs 2,166 crore, while the core net interest income fell 3% to Rs 6,068 crore, in spite of the 11.24% jump in domestic advances to Rs 5,65,297 crore during the reporting quarter.
Another boost for the bottomline was the improving asset quality, with the gross non-performing assets ratio declining to 2.92 from 4.26 in the reporting period, while the net NPA ratio also fell to 0.75 from 0.99.
Provision coverage strengthened to 92.94%, higher than 92.11% a year ago. The slippage ratio remained stable at 0.33, compared to 0.35 in June 2024. Additionally, credit cost eased to 0.68% from 0.85% a year earlier and 0.84% in the previous quarter.