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Bank of India swings to fiscal Q1 net profit

Bank of India reported net profit of 877.1 million rupees, or 83 paise share, for the fiscal first quarter ended June 30, compared to net loss of 7.41 billion rupees, or a loss of 8.32 rupees per share, in the prior-year quarter.

Interest earned rose to 94.96 billion rupees from 94.26 billion rupees, while income on investments climbed to 22.08 billion rupees from 21.14 billion rupees.

Total income rose to 111.07 billion rupees from 106.64 billion rupees, while operating profit climbed to 23.79 billion rupees from 16.54 billion rupees.

Provisions and contingencies declined year over year to 22.45 billion rupees from 27.70 billion rupees. Provisions for nonperforming assets fell to 21.56 billion rupees from 24.53 billion rupees.

The bank's gross NPA ratio was 13.05% as of June 30, down from 13.22% at March 31 and 13.38% at June 30, 2016. Its net NPA ratio for the period was 6.70%, down from 6.90% at March 31 and 7.78% in the prior-year period.

As of June 30, the lender's Basel III capital adequacy ratio was 12.38%, up from 12.14% at March 31 and 12.10% at June 30, 2016.

The bank's common equity Tier 1 ratio was 7.28% as of June 30, compared to 7.17% in the prior quarter and 7.59% the prior-year period. Its Additional Tier 1 ratio for the period stood at 1.74%, compared to 1.73% at March 31 and 1.42% at June 30, 2016.

As of Aug. 8 US$1 was equivalent to 63.70 Indian rupees.