Bank Of India Q3 Profit Surges 62% To Rs 1,870 Crore
Bank of India's Q3 profit surged 62% to Rs 1,870 crore, driven by a decline in bad loans.
State-owned Bank of India on Friday posted a 62% jump in net profit to Rs 1,870 crore in the December quarter on account of decline in bad loans.
The Mumbai-headquartered bank had earned a net profit of Rs 1,151 crore in the year-ago period.
The lenders' total income increased to Rs 16,411 crore during the third quarter of the ongoing fiscal against Rs 14,160 crore a year ago, BoI said in a regulatory filing.
The interest income of the bank rose to Rs 15,218 crore as against Rs 12,728 crore in the third quarter of the previous year.
Gross Non-Performing Assets of the bank declined to 5.35% of the gross loans by the end of December 2023 from 7.66% a year ago.
Similarly, net NPAs, or bad loans, came down to 1.41% from 1.61% at the end of the third quarter.
Capital Adequacy Ratio of the bank improved to 16.06% as against 15.60% at the end of December 2022.
During the quarter ended Dec. 31, 2023, the bank issued additional 44,91,01,796 equity shares of face value Rs 10 each at an issue price of Rs 100.20 under Qualified Institutional Placement on Dec. 11, 2023 and raised an amount of Rs 4,500 crore, it said.
Accordingly, the shareholding of the Government of India in the bank has reduced to 73.38% as on Dec. 31, 2023.
