Bank of India Q3 net profit jumps over five-fold to Rs 540.72 cr

The firm reported a more than five-fold jump in standalone net profit for the quarter ended in December

State-owned Bank of India on Wednesday reported a more than five-fold jump in standalone net profit to Rs 540.72 crore for the quarter ended in December.

The bank had registered a net profit of Rs 105.52 crore in the year-ago period.

However, total income during the third quarter of financial year 2020-21 was down at Rs 12,310.92 crore as against Rs 13,338.09 crore in the same quarter of the previous year, Bank of India said in a regulatory filing.

On a consolidated basis, the bank posted a net profit of Rs 610.37 crore, up by more than four times as against Rs 138.20 crore in the year-ago period. Income was down at Rs 12,372.88 crore as against Rs 13,430.53 crore.

On the asset front, gross bad loans or non-performing assets (NPA) fell to 13.25 per cent of gross advances at the end of December 2020 as against 16.30 per cent in the year-ago period.

In value terms, gross NPAs were Rs 54,997.03 crore, lower than Rs 61,730.54 crore.

Likewise, the net NPA was trimmed to 2.46 per cent (Rs 9,077.32 crore) from 5.97 per cent (Rs 20,113.34 crore).

Shares of Bank of India traded at Rs 60.85 apiece on the BSE, up 2.79 per cent.