Bank Of India Sep Quarter Profit Soars Nearly 100% To Rs 1,051 Crore

State-run Bank of India on Tuesday reported a nearly 100 percent jump in its net profit at Rs 1,051 crore in the quarter ended September 2021.

The bank had posted a net profit of Rs 526 crore in the same period a year ago.

“Net profit for Q2FY22 stood at Rs 1,051 crore, up by 99.89 percent year-on-year,” the bank said in a regulatory filing.

On a sequential basis, net profit improved by 45.97 percent from Rs 720 crore.

Net interest income (NII) stood at Rs 3,523 crore for the quarter Q2FY22. On a sequential basis, it increased by 12.06 percent from Rs 3,144 crore in the quarter ended June 2021, the bank said.

Non-interest income increased by 58.71 per cent from a year ago to Rs 2,136 crore for Q2FY22 against Rs 1,346 crore in Q2FY21.

On the asset front, the bank improved the quality as the gross non-performing assets (NPAs) were down at 12 percent of the gross advances at end of September 2021 from 13.79 percent by end of the same month a year ago.

Net NPAs too fell to 2.79 percent from 2.89 percent.

Bank of India stock traded at Rs 62.25 apiece on BSE, up 3.06 percent from the previous close.