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Bank of India reports profit before tax of Rs 400 crore in Sept quarter

Net profit stood at Rs 266.4 crore compared to a loss of Rs 1,156.3 crore in Q2 of 2018-19.

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Bank of India reported a profit before tax (PBT) of Rs 407.6 crore for the quarter ended September 2019 (Q2) on a standalone basis, compared to a pre-tax loss of Rs 1,696.3 crore in the year-ago quarter. 

Net profit stood at Rs 266.4 crore compared to a loss of Rs 1,156.3 crore in Q2 of 2018-19. The bank has not moved to the new tax regime yet, which will require it to set off the deferred tax assets. It is likely to move to the new regime (corporation tax rate of 25 per cent) by March 2020. Net interest income (NII) rose by 31.9 per cent and stood at Rs 3,860 crore in Q2 compared to Rs 2,927 crore in the year-ago quarter. Net interest margin (NIM) also improved sharply to 3.36 per cent from 2.65 per cent during the same period.