Bank of India Q3 net profit surges five-fold to Rs541 crore

bank of india

MUMBAI: Bank of India on Wednesday reported a net profit of Rs541 crore for the quarter ended December, a five-fold jump from a year ago, due to a fall in provisions.

Net interest income (NII) declined 9.2% year-on-year to Rs3,740 crore in the fiscal third quarter (Q3) from ?4,118 crore. Net interest margin (NIM) was at 2.81% as on 31 December as against 3.45% in the year-ago period.

Provisions and contingencies fell to Rs1,980 crore during the reporting quarter from Rs4,015 crore. Of this, provisions for non-performing assets (NPAs) tumbled 83.5% year-on-year to Rs623 crore in Q3.

Other income fell 17.4% to Rs2,068 crore.

On the asset quality front, gross NPAs stood at Rs54,997 crore as on 31 December compared with Rs56,232 crore as of end of September and Rs61,731 crore in the year-ago period.

The ratio of gross NPAs to gross advances stood at 13.25% as on 31 December as against 13.79% as on 30 September, and 16.30% a year ago. Net NPAs to net advances stood at 2.46% as on 31 December as against 2.89% a quarter ago and 5.97% a year ago. Had it not been for the September Supreme Court order on asset classification, the bank’s gross bad loan ratio would have touched 14.59%.

While the bank’s deposits rose 18.24% YoY to ?5,36,171 crore, advances increased 9.10% to ?3,63,009 crore in the quarter under review.

At 0230 pm, shares of Bank of India traded at Rs60.35 apiece, up 1.94% from previous close, while the benchmark Sensex was down 0.5%n at 51072.87.

News Source:- Livemint

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