Bank of India (BoI) reported a 98 per cent jump in standalone net profit at ₹526 crore in the second quarter (Q2) ended September 30, 2020, against ₹266 crore in the year ago quarter.

The bottomline was supported by 22 per cent growth in other income and 7 per cent increase in net interest income.

This jump in profit comes despite loan loss provisions rising 47 per cent to ₹2,134 crore in Q2FY21 against ₹1,452 crore in the year ago period.

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The Mumbai-headquartered public sector bank’s net interest income rose 7 per cent year-on-year (yoy) to ₹4,114 crore (₹3,860 crore in the year ago quarter). Other income was up 22 per cent yoy to ₹1,613 crore (₹1,327 crore).

Operating profit rose 26 per cent yoy to ₹3,098 crore (₹2,460 crore).

Gross non-performing assets (NPAs) declined by ₹1,556 crore during the reporting quarter to ₹56,232 crore as at September-end 2020.

GNPAs came down to 13.79 per cent of gross advances against 13.91 per cent in the preceding quarter.

Net NPAs position improved to 2.89 per cent of net advances against 3.58 per cent in the preceding quarter.

As at September-end 2020, deposits rose 17 per cent yoy to ₹6,07,529 crore. Advances increased 8 per cent yoy to ₹3,61,767 crore.

 

 

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