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    QONEQT in Banking

    11-Sep-2022 05:00 AM


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    Bank of India net profit down at Rs 2,221 crore for FY22 on divergence in provisioning

    Stateowned Bank of India BoI on Friday reported divergence in its asset classification for FY22 resulting in a lowering of net profit for the year to Rs 2221 crore The lender had reported a net profit of Rs 340470 crore for 202122
    According to a regulatory filing there was a divergence of Rs 105 crore in the banks gross nonperforming assets NPAs with the bank reporting it to be at Rs 4560540 crore
    However as per the Reserve Bank of India RBI assessment it came at a higher value of Rs 4571040 crore On the flip side in the case of the net NPAs the bad loans fell by Rs 87 crore as the RBI assessed it at a lower Rs 976493 crore as against Rs 985193 crore reported by the bank

    The divergence in provisioning came in at Rs 1819 crore Bank of India said the adjusted net profit of the bank before considering the impact of tax on divergence in provisioning for FY22 was at Rs 158570 crore
    However the net profit was further boosted to Rs 222133 crore for the year ended March 2022 upon adding Rs 63563 crore as an impact of tax on divergence in provisioning showed the data

    #bankofindia

    Source:- CNBCTV18