Bank of India’s profit surges over two-fold jump in September quarter

New Delhi:Bank of India on reported over two-fold jump in September quarter consolidated net profit at Rs 543.47 crore, backed by the low bad assets. The bank posted a net profit of Rs 257.31 crore for the same quater a year ago.

Its total income rose to Rs 12,477.79 crore in July-September 2020-21 from Rs 12,062.55 crore in the year-ago period, the state-owned lender said in a regulatory filing.

On standalone basis, the net profit in the quarter rose to Rs 525.78 crore as against Rs 266.37 crore a year ago.

Income grew to Rs 12,408.66 crore from Rs 11,985.50 crore.

The bank’s gross non-performing assets (NPAs) fell to 13.79 per cent of gross advances as on September 30, 2020 from 16.31 per cent by the year-ago period.

In value terms, gross NPAs or bad loans stood at Rs 56,231.76 crore as against Rs 61,475.60 crore earlier.

Net NPAs came down to 2.89 per cent (Rs 10,443.71 crore) from 5.87 per cent (Rs 19,645.83 crore).

However, provisions for bad loans increased to Rs 2,133.87 crore during the quarter from Rs 1,452.09 crore parked aside for the year-ago same quarter.

Overall provisions and contingencies also rose to Rs 2,312.29 crore in the quarter under review from Rs 2,052.27 crore a year ago.

Bank of India stock was trading at Rs 41.10 on BSE, up 3.01 per cent from the previous close.

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