Bank Of India Net Profit Surges Over Two-Fold To Rs 606 Crore In March Quarter

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.