State-owned Bank of India on Tuesday reported over two-fold jump in its standalone net profit to Rs 606 crore for the March 2022 quarter.
The lender had posted a net profit of Rs 250 crore in the same quarter of the previous fiscal.
The total standalone income during the January-March quarter of 2021-22 rose to Rs 11,443.46 crore against Rs 11,155. 53 crore a year ago, Bank of India said in a regulatory filing.
On the asset front, the bank’s gross non-performing assets (NPAs) fell to 9.98 per cent of the gross advances as of March 2022 compared to 13.77 per cent in the year-ago period.
The net NPAs or bad loans too came down to 2.34 per cent from 3.35 per cent a year ago.
For the full 2021-22, the bank’s standalone net profit increased to Rs 3,404.70 crore from Rs 2,160.30 crore in 2020-21.
Shares of Bank of India were trading at Rs 47.50 apiece on BSE, up 2.26 per cent from the previous close.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
