Bank of India Q2 profit surges 91% to Rs 323 cr

State-owned Bank of India (BoI) today posted 90.7 per cent rise in net profit at Rs 616.7 crore for the second quarter ending September 30, driven by increase in net interest income.

It had a net profit of Rs 323.2 crore in the same quarter of the last fiscal, BoI said in a filing on the Bombay Stock Exchange.

The bank's total income increased 11.1 per cent in Q2 FY'11 to Rs 5,740.1 crore, as against Rs 5,164.9 crore in the year-ago period.

BoI's Net Interest Income (NII) rose by 26 per cent to Rs 1,776.1 crore, as against Rs 1,408.9 crore in the same quarter a year ago.

The bank earned an interest of Rs 5,155.5 crore during the quarter, compared to Rs 4,488.9 crore during the same period last fiscal.

BoI raised Rs 300 crore during the quarter by issuing 9.05 per cent perpetual bonds.

During the first half of the current fiscal, ending September 30, the bank clocked 47.8 per cent jump in net profit to Rs 1,341.9 crore, compared to Rs 907.6 crore in the same period last fiscal.

Total income during the first six month of 2010-11 was Rs 11,147.6 crore, compared to Rs 10,188.5 in the same period a year ago.