Bank of India reports double profit in Q2 year on year basis

Bank of India stock was trading at Rs 41.10 on BSE, up by 3.01 per cent from the previous close.

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.

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