Bank of India Q3 profit grows by 12% to Rs 1,151 cr

New Delhi: State-owned Bank of India (BoI) on Tuesday reported 12 percent rise in its profit at Rs 1,151 crore for the third quarter that ended in December 2022 aided by decline in bad loans. The bank had posted a net profit of Rs 1,027 crore in the same quarter a year ago.

Total income increased to Rs 14,159.60 crore in the latest December quarter

"Total income increased to Rs 14,159.60 crore in the latest December quarter from Rs 11,211.14 crore in the year-ago period," said BoI in a regulatory filing. "Net-Interest Income improved by 64 percent to Rs 5,596 crore against Rs 3,408 crore in Q3FY22," it said.

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Operating profit improved by 74%

Operating profit of the bank improved by 74 percent to Rs 3,652 crore as against Rs 2,096 crore in the same quarter a year ago. On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 7.66 percent as compared to 10.46 percent at the end of third quarter of previous fiscal year.

At the same time, net NPAs eased to 1.61 percent as against 2.66 percent in the same period a year ago. The capital adequacy ratio stood at 15.60 percent in the December quarter.

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