Bank of India posts Q3 PBT of Rs 119 cr after Rs 6,700 cr loss a year ago

Net interest income up 24% to Rs 4,118 cr; GNPAs at same level as last year

Public sector lender Bank of India reported a profit before tax (PBT) of Rs 119.68 crore in the third quarter of the financial year 2019-20 (Q3FY20).

The Mumbai-based bank had posted pre-tax loss of Rs 6,727 crore in Q3FY19.

Net profit stood at Rs 105.22 crore in the quarter, as against net loss of Rs 4,737.5 crore in Q3FY19.

The bank's stock was trading flat at 65.95 per share on BSE.

The net interest income of the lender saw an uptick of 23.55 per cent, at Rs 4,118 crore in Q3FY20 from Rs 3,333 in same quarter last financial year.

The bank's other income, stood at Rs 2,503 crore in Q3FY20, up from Rs 1,530 crore in Q3-2019.

Its gross non-performing assets (GNPA) stood at 16.30 per cent in Q3FY20, compared to 16.31 per cent during Q3FY19.

Provisions (excluding taxes) declined marginally to Rs 9,203 crore in Q3FY20 from Rs 9,429 crore in Q3FY19.

The provision coverage ratio on NPAs, including cumulative technical write-offs, was 77.15 per cent in December 2019, compared to 76.76 per cent at December 31, 2018, according to a filing with BSE.

The capital adequacy ratio was 14.20 per cent and Tier-1 capital adequacy ratio stood at 11.17 per cent on a standalone basis at the end of December 31, 2019.