Bank of India Q2 net up 106% at Rs 622 cr

Bank of India has posted 106% rise in net profit at Rs 662 crore for the second quarter ended September 2013 on stable rise in interest income and recovery from written off accounts.

The net profit for q2 of Fy 13 were Rs 302 crore. The net interest income rose by 15.07% to Rs 2527 crore from Rs 2196 ceore in July-September 2012.

The non interst income stood at Rs 1100 crore up from Rs 894 crore in Q2 of Fy 13. The net interest margin rose to 2.39% from 2.35% ayear ago.
The recovery from written-off accounts were Rs 346 crore as against Rs 167 crore in Q2 of Fy 13.

The asset quality has shown improvement in Q2. The gross non performing assets declined to 2.93% from 3.42% a year ago.

The capital adequacy was 10.77% under Basel III.