Mumbai, (Ajay Rawal) : Public sector lender Bank of India ‘s net profit rose tad higher than expected 71.5% year-on-year to Rs 887.4 crore in the first quarter of FY13. Analysts had a forecast of Rs 867 crore.

The Bank CMD Mr Alok K Misra told mediapersons here today that,” The bank disappointed the street on every count barring net profit and provisions. Net interest income increased less than expected 11% to Rs 2,044 crore in the quarter as against analysts’ estimate of Rs 2,430 crore. Gross non-performing assets (NPAs) went up by 22 basis points quarter-on-quarter to 2.56% and net NPAs too rose by 22 basis points to 1.69% during the same period.

He further stated, “Provisions were lower during June quarter at Rs 472.2 crore as compared to Rs 567.2 crore in the previous quarter. Capital adequacy ratio declined by 53 basis points to 11.42% versus 11.95% QoQ.” 

Total income has gone up 17.23% to Rs 85.50 billion for the quarter ended June 30, 2012 from Rs 72.94 billion in the year ago period.

Interest earned during the quarter ended June 30, 2012 was at Rs 77.09 billion as compared to Rs 66.34 billion for the quarter ended June 30, 2011, representing an increase of 16.21%.

Net NPA was at 44.13 billion for the quarter ended June 30, 2012, as compared to Rs 26.90 billion for the quarter ended June 30, 2011, representing an increase of 64.09%.

Capital Adequacy Ratio (CAR) under Basel II of the bank is at 11.42% as on June 30, 2012 as compared to 11.57% as on June 30, 2011.