Bank of India Q3 net profit soars 12%
Bank of India (BoI) today reported 12.15 per cent rise in net profit at Rs 803.48 crore in the third quarter on the back of growth in core income supported by other income and decline in tax outgo.
Total income of the city-based bank rose 11.97 per cent to Rs 8,960 crore during the quarter ended December 31 from Rs 8,002 crore reported a year ago.
"We have reported positive result in major parameters. Asset quality has seen marginal improvement in the third quarter, which is likely to be better in the future. Going ahead, our major focus will be on retail and SME segments," BoI's newly-appointed Chairman and Managing Director V R Iyer told reporters here.
The public sector bank reported 11.65 per cent rise in Q3 net interest income (NII) to Rs 2,308.46 crore, while non-interest income rose 9.97 per cent to Rs 937.15 crore.
During the period under review, other income and drop in tax outgo supplemented the overall profit numbers.
The bank however, reported a decline in its net interest margin to 2.36 per cent compared to 2.55 per cent reported in the same period last fiscal.
"Going ahead, we hope that NIM will improve with our focus on increasing the domestic CD ratio (credit to deposit ratio) to around 75 per cent," Iyer said, adding it aims to achieve a NIM of 2.6 per cent by the end of the fiscal.
The lender posted a 13.63 per cent rise in deposit to Rs 3,49,117 crore and 20.27 per cent rise in
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