Bank of India Q3 profit up 12% at Rs 803 crore
Other income, or non-interest income, rose 10% from a year ago, to R937 crore at the end of the quarter. Total income during this period rose 12% y-o-y to R8,959.83 crore, the bank said.
Global net interest margin (NIM) for the bank (including domestic and international business), however, contracted marginally to 2.36%, down six basis points (bps) sequentially. This fall was because of the bank's foreign business, which is usually a low margin business, VR Iyer, chairman of the bank, told reporters.
“Our strategy is to improve our domestic credit-deposit (CD) ratio to 74-75%, which will boost our domestic NIM to 2.9% and the global NIM will also improve to 2.6% by the end of this financial year,” Iyer said.
Of its total global business of R6,29,473 crore, the bank's foreign business contributed R1,72,317 crore, or 27.4% ,during the three months ended December 31. The bank's domestic CD ratio during the October-December quarter stood at 70.46%.
Operating profit for the quarter stood at R1,856 crore, up 7.15% from the corresponding quarter last year.
The bank's asset quality during the quarter improved with net non-performing assets (NPAs), as a ratio of total assets, falling to 1.97%, marginally down from 2.04% in the preceding quarter. Gross
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