Bank of India (BoI) on Friday reported 90 per cent surge in net profit at Rs 1,027 crore for the third quarter ended December 2021 as bad loans situation improved.
The state-owned bank had logged a net profit of Rs 540.72 crore in the year-ago period. However, total income during the quarter was down at Rs 11,211.14 crore as against Rs 12,310.92 crore in the same period a year ago, BoI said in a regulatory filing. Net Interest Income (NII) too slipped to Rs 3,408 crore from Rs 3,739 crore in the same period a year ago, it said.
On the asset quality front, gross bad loans or non-performing assets (NPA) declined to 10.46 per cent of gross advances at the end of December 2021 as against 13.25 per cent in the year-ago period.
However, net NPA increased marginally to 2.66 per cent from 2.46 per cent. As a result, provisions other than tax and contingencies significantly declined to Rs 334.93 crore against Rs 1,809.63 crore in the same quarter a year ago.
The Provision Coverage Ratio (PCR) stood high at 86.86 per cent at the end of December. “As on December 31, 2021, the Capital Adequacy Ratio (CRAR) stood at 16.66 per cent against 17.05 per cent in September 2021 and 12.51 per cent in December 2020,” it said.
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