Bank of India Q3 net up 90% to Rs 1,027 cr on sharp fall in provisions

The bank's NII declined by 18.7% to Rs 3,407 crore in reporting quarter

Bank of India’s net profit rose by 90 per cent year on year at Rs 1,027 crore for the third quarter ended December 2021 (Q3FY22) on sharp fall in provisions and contingencies.

The net profit was Rs 541 crore in Q3FY21 and Rs 1,051 crore in the second quarter ended September 2021 (Q2FY22).

Mumbai-based lender's stock closed 3.34 per cent lower at Rs 56.5 per share on BSE.

The bank's NII declined by 8.8 per cent to Rs 3,408 crore in Q3FY22 as against Rs 3,739 crore in Q3FY21. Sequentially, also NII was down 3.2 per cent with NII of