July 31, 2018 / 8:26 AM / a year ago

Bank of India June-quarter profit rises 8.4 percent on tax write-back

Commuters walk past a bank sign along a road in New Delhi in this November 25, 2015 file photo. REUTERS/Anindito Mukherjee/Files

(Reuters) - Bank of India Ltd said on Tuesday quarterly profit rose 8.4 percent as the state-run bank recomputed tax provisions made a year earlier.

Net profit was 951.1 million rupees ($13.86 million) for the three months ended June, compared with 877.1 million rupees a year earlier, it said in a statement.

Analysts, on average, were looking for a loss of 12.60 billion rupees, according to estimates by Thomson Reuters I/B/E/S.

Gross bad loans as a percentage of total loans rose to 16.66 percent at end-June, from 16.58 percent in the previous quarter, and 13.05 percent a year ago.

Bad loans held by India’s banks rose to 10.36 trillion rupees at the end of March, the government said last week, with state-backed lenders accounting for more than 86 percent of the total non-performing loans.

($1 = 68.6325 Indian rupees)

Reporting by Chris Thomas in Bengaluru; Editing by Sunil Nair and Subhranshu Sahu

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