Bank of India on Friday registered over two-fold jump in September quarter, consolidated net profit at Rs 543 crore.
“Total income shot to Rs 12,477.79 crore in July-September 2020-21 from Rs 12,062.55 crore in the year-ago period,” the state-owned lender said in a regulatory filing.
On a standalone basis, the net profit in the quarter reached Rs 525.78 crore against Rs 266.37 crore a year ago. In value terms, gross NPAs or bad loans dropped to Rs 56,231.76 crore against Rs 61,475.60 crore a year ago.
Bank of India is a public sector bank headquartered in Mumbai. The economy witnessed a major slump due to the COVID-19 crisis but this jump in profit comes despite loan loss provisions rising 47 per cent to ₹2,134 crore in Q2FY21 against ₹1,452 crore in the year-ago period.
Bank of India stock was trading at Rs 41.10 on BSE, up by 3.01 per cent from the previous close.