Why ULIP mis-selling has become rampant ?
Why is there so much mis-selling of ULIP? How to avoid this mis-selling? Who should take ULIP?
Bank of India on Tuesday reported a 14.7% decline in net profit at Rs 720 crore for the June quarter. The bank had posted a net profit of Rs 843.60 crore in the year-ago period.
In the first quarter of the current fiscal, the lender’s total income was down at Rs 11,698.13 crore. In the year-ago period, it stood at 11,941.52 crore, according to a regulatory filing.
The bank’s gross non-performing assets (NPAs) fell marginally to 13.51% of the gross advances at the end of June this year from 13.91% in the same period a year ago.
Net NPAs or bad loans were down at 3.35% in the latest June quarter compared to 3.58% in the year-ago period. Provisions for bad loans and contingencies for the quarter under review were raised to Rs 1,709.12 crore. The same was at Rs 1,512.07 crore in the same period a year ago.
On a consolidated basis, the bank’s net profit was at Rs 735.37 crore in the 2021 June quarter. It was down by 13% from Rs 845.78 crore in the year-ago period.