Money & Banking

Bank of India Sep Q2 profit soars nearly 100% to ₹1,051 cr

PTI New Delhi | Updated on November 02, 2021

On a sequential basis, net profit improved by 45.97 per cent

State-run Bank of India on Tuesday reported nearly 100 per cent jump in its net profit at ₹1,051 crore in quarter ended September 2021.

The bank had posted net profit of ₹526 crore in the same period a year ago.

“Net profit for Q2FY22 stood at ₹1,051 crore, up by 99.89 per cent year-on-year,” the bank said in a regulatory filing.

On a sequential basis, net profit improved by 45.97 per cent from ₹720 crore.

Net interest income (NII) stood at ₹3,523 crore for the quarter Q2FY22. On a sequential basis, it increased by 12.06 per cent from ₹3,144 crore in quarter ended June 2021, the bank said.

Non-interest income increased by 58.71 per cent from a year ago to ₹2,136 crore for Q2FY22 against ₹1,346 crore in Q2FY21.

On the asset front, the bank improved the quality as the gross non-performing assets (NPAs) were down at 12 per cent of the gross advances at end of September 2021 from 13.79 per cent by end of same month a year ago.

Net NPAs too fell to 2.79 per cent from 2.89 per cent.

Bank of India stock traded at ₹62.25 apiece on BSE, up 3.06 per cent from the previous close.

Published on November 02, 2021

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