Bank of India Q2 net income falls 10% to Rs 960 cr on higher provisioning
State-owned Bank of India on Thursday reported a nearly 10 per cent decline in net income to Rs 960 crore for the September 2022 quarter on higher provisioning, which more than doubled to Rs 1,912 crore. The bank had made a provision of only Rs 894 crore in the year-ago period, which negated other improvements in the key numbers, such as net interest income rising from Rs 9,523 crore to Rs 11,497 crore and lower taxations at Rs 502 crore in the reporting quarter against Rs 733 crore. Another reason for the fall in the bottom-line is the higher interest outgo, which rose from Rs 6,000 crore to Rs 6,414 crore. The bank has registered a sharp uptick in net interest income to Rs 5,083 crore in the reporting quarter from Rs 3,523 crore in the year-ago period. The NII jumped sharply as the bank booked higher margins from loans as it had passed on the repo rate hike to borrowers. Accordingly, it booked a NIM of 3.04 per cent, up 64 bps from 2.42 per cent in the year-ago period and from Rs03-11-2022
