Bank of India reported a net profit of Rs 541 crore for the quarter ended December. It zoomed 412 per cent from Rs 106 crore in third quarter of FY20. This is mainly due to lower provisions as the bank had made higher provisions in the earlier quarters.
At the opening session, the share of the bank was at Rs 59.25 per piece, during the day, it touched Rs 61.80 per share.
The operating profit of the bank stood at Rs.2,836 crore in Q3FY21 against Rs 4,135 crore in Q3FY20. The non-Interest income stood at Rs 2,068 crore for the third quarter of FY21 against Rs. 2,503 crore in the FY20. The net Interest income of the bank stood at Rs 3,740 crore in Q3FY21 against Rs 4,118 crore in Q3FY20. The bank’s domestic deposits and advances grew at 17.7 per cent and 9.1 per cent respectively.
The gross NPAs declined sequentially as well as year on year -- from Rs 61,730 crore in December 2019 to Rs.54,997 crore in December 2020. The net NPAs came down from Rs 20,113 crore in December 2019 to Rs 9,077 crore in December 2020. The gross NPA ratio improved both year on year and sequentially.
The bank reported a rise in global deposits from Rs 5,22,138 crore in the third quarter of 2019 to Rs 6,11,879 crore in December 2020, a rise of 17.19 per cent year-on-year.