Bank of India (BoI) reported a 52 per cent increase in second quarter standalone net profit at ₹1,458 crore on the back of rise in net interest income and other income and decline in loan loss provisions.
The public sector bank had reported a net profit of ₹960 crore in the year-ago quarter.
Net interest income (difference between interest earned and interest expended) was up 13 per cent y-o-y to ₹5,740 crore (₹5,083 crore in the year-ago quarter).
Other income, including fee-based income, treasury income and recovery in written-off accounts, rose 15 per cent y-o-y to ₹1,688 crore (₹1,417 crore).
Net interest margin (interest income - interest expense/ total assets) nudged up to 3.08 per cent from 3.04 per cent a year ago.
GNPA improves
Gross non-performing assets (GNPAs) position improved to 5.84 per cent of gross advances as at September-end 2023 against 6.67 per cent as at June-end 2023. Net NPAs position too improved to 1.54 per cent of net advances against 1.65 per cent.
Global advances increased 10 per cent y-o-y to ₹5,43,128 crore as at September-end 2023, with the share of domestic advances being 83 per cent and rest being overseas advances.
Global deposits rose by about 9 per cent y-o-y to stand at ₹7,03,751 crore as of September-end 2023, with the share of domestic deposits being 85 per cent and the rest being overseas deposits.