Mumbai: State-owned Bank of India (BoI) on Friday reported a 90 per cent rise in net profit at Rs 1,027 crore in the three months ended December 31, 2021 on improvement in asset quality.
The bank has reported net profit of Rs 540.7 crore in the same quarter last year. The net interest income key indicator of profitability, declined by 8.9 percent at Rs 3,408 crore against Rs 3,740 crore in Q3FY21.
On the asset quality front, gross bad loans or non-performing assets (NPA) declined to 10.46 per cent of gross advances at the end of December 2021 as against 13.25 per cent in the year-ago period. However, net NPA increased marginally to 2.66 per cent from 2.46 per cent.
As a result, provisions other than tax and contingencies significantly declined to Rs 334.93 crore against Rs 1,809.63 crore in the same quarter a year ago.
