Bank of India Q2 Profit Surges 52% to Rs 1,458 Crore
Nov 04, 2023 19:16
Bank of India reported a 52% jump in net profit to Rs 1,458 crore in the September 2023 quarter, driven by strong core interest income and improved asset quality.
Mumbai, Nov 4 (PTI) State-owned Bank of India on Saturday reported a 52 per cent jump in the net profit at Rs 1,458 crore in the September 2023 quarter.
The city-headquartered bank had reported a post tax profit of Rs 960 crore in the year-ago period, Bank of India said in a release.
It's core net interest income climbed 13 per cent to Rs 5,740 crore during the quarter on the back of a 10 per cent growth in advances and a 0.04 per cent widening in the net interest margin at 3.08 per cent.
The non-interest income increased 19 per cent to Rs 1,688 crore in the reporting quarter.
The gross non-performing assets ratio improved by 0.83 per cent to 5.84 per cent in the later quarter from 6.67 per cent recorded in June.
The bank's total Capital Adequacy Ratio (CRAR) was at 15.63 per cent as on September 30, 2023.
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