NDTV News

Bank Of India Profit Soars 100% To Rs 1,051 Crore In September Quarter

[ad_1]

Bank Of India Profit Soars 100% To Rs 1,051 Crore In September Quarter

Bank of India Q2 Results: Net profit soared 100 per cent in the September quarter

Bank Of India announced its July-September quarter results for the financial year 2021-22, reporting a net profit of Rs 1,051 crore on a standalone basis, compared to Rs 526 crore in the corresponding period last year, marking a growth of almost 100 per cent year-on-year. 

The state-run lender’s net interest income (NII) stood at Rs.3,523 crore in the September quarter, compared to Rs 3,144 crore in the same quarter last year, registering a growth of 12.06 per cent year-on-year.

The bank’s gross non-performing assets (GNPA ) declined 10.30 per cent in the second quarter of the current fiscal to Rs 50,270 crore, compared to Rs 56,042 crore in the preceding April-June quarter.

The net NPA declined 14.87 per cent in the September quarter to Rs 12,424 crore, compared to Rs 10.576 crore in the preceding June quarter. The bank’s provision coverage ratio (PCR) stood at 87.81 per cent in the September quarter, compared to 86.17 per cent in the June quarter, which supported its improvement in asset quality.

On Tuesday, November 2, shares of Bank of India settled 3.48 per cent higher at Rs 62.50 apiece on the BSE. Bank of India opened on the BSE at Rs 60.70, swinging to an intra day high of Rs 63.30 and an intra ay low of Rs 60.35, throughout the trading session today.

[ad_2]