Bank of India’s standalone net profit almost doubled to ₹1,051 crore in the second quarter against ₹526 crore in the year ago period on the back of robust growth in other income and a steep decline in loan loss provisions.
During the reporting quarter, there was a reduction in gross non-performing assets (GNPAs) aggregating ₹5,771.50 crore.
The Mumbai-headquartered public sector bank’s net interest income (difference between interest earned and interest expended) declined 14 per cent year-on-year (yoy) to ₹3,523 crore (₹4,113 crore in the year ago quarter).
Other income, including profit/loss on sale of assets, profit/loss on revaluation of investments (net), earnings from foreign exchange and derivative transactions, recoveries from accounts previously written off, dividend income, etc., jumped 59 per cent yoy to ₹2,136 crore (₹1,346 crore).
GNPA position improved to 12 per cent of gross advances as at September-end 2021 against 13.51 per cent in the preceding quarter.
Net NPAs position too improved to 2.79 per cent of net advances against 3.35 per cent in the preceding quarter.
Total deposits edged up by about one per cent yoy to ₹6,12,961 crore. Total advances were up about 5 per cent yoy to ₹3,78,727 crore.
On a consolidated basis, including the results of four domestic subsidiaries, four overseas subsidiaries, one joint venture and six associates, BoI reported a 97 per cent jump in net profit at ₹1,073 crore (₹543 crore).