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Bank of India Sees Profit Climb 7.5% Amidst Asset Improvement
21 Jan
Summary
- Bank of India reported a 7.5% net profit increase for the third quarter.
- Net interest income grew by 6.5% year-on-year to ₹6,462.6 crore.
- Gross and net non-performing assets saw a sequential decline.
State-run Bank of India announced a robust third-quarter financial performance, with net profit rising by 7.5% compared to the same period last year. The bank's net profit for the quarter stood at ₹2,705 crore. This growth was supported by an increase in net interest income, which climbed 6.5% year-on-year to ₹6,462.6 crore.
Furthermore, the bank made significant strides in improving its asset quality. Gross non-performing assets (NPAs) decreased to 2.26% from 2.54% in the preceding quarter. Concurrently, net non-performing assets saw an easing to 0.60% from 0.65% sequentially, reflecting a healthier loan portfolio.
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