Bank of India posts over two-fold jump in Q2 profit at Rs 543 crore

By: |
November 6, 2020 4:47 PM

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.

bank of india, net profit, bank of India september quarter, boi, bank of india npa, bank of india bad loansBank of India holds 51 per cent equity shares each in BAIM and BATS.

Bank of India on Friday reported over two-fold jump in September quarter consolidated net profit at Rs 543.47 crore as bad assets came down. The bank posted a net profit of Rs 257.31 crore for the same quarter a year ago. 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.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Samsung made an app that turns iPhones into Android devices, sort of
2Alibaba fined $2.8 billion on competition charge in China
3Google will launch Pixel 5a 5G this year, but not in India