Bank of India Q3 Results: Profit up 12% to Rs 1,151 crore

State-owned (BoI) on Tuesday reported 12 per cent rise in its profit at Rs 1,151 crore for the third quarter ended December 2022 aided by decline in bad loans. The Mumbai-based bank had posted a net profit of Rs 1,027 crore in the same quarter a year ago.

Total income increased to Rs 14,159.60 crore in the latest December quarter from Rs 11,211.14 crore in the year-ago period, BoI said in a regulatory filing.

Net-Interest Income improved by 64 per cent to Rs 5,596 crore against Rs 3,408 crore in Q3FY22, it said.

Operating profit of the bank improved by 74 per cent to Rs 3,652 crore as against Rs 2,096 crore in the same quarter a year ago.

On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 7.66 per cent as compared to 10.46 per cent at the end of third quarter of previous fiscal year.

At the same time, net NPAs eased to 1.61 per cent as against 2.66 per cent in the same period a year ago.

The capital adequacy ratio stood at 15.60 per cent in the December quarter.