Bank of India Reports 52% Profit Surge in Q2 2023

6 Nov 2023 , 11:21 AM

The state-owned Bank of India saw its shares rise by nearly 2 %, reaching Rs 100.77, following the release of strong financial results for the September quarter of the current fiscal year.

Bank of India reported a significant 52 % increase in its net profit, reaching Rs 1,458.43 crore for the second quarter. Furthermore, its net interest income (NII) showed a notable 13 % year-on-year growth, totaling Rs 5,740 crore.

The asset quality of the state-owned lender improved substantially. The gross non-performing assets (NPA) ratio decreased to 5.84 %, down from 8.51 % during the same period in the previous year. The net NPA ratio also improved, falling to 1.54 % as of September 30, 2023, compared to 1.92 % in the previous year and 1.65 % in the previous quarter.

Net interest margins expanded by 4 basis points (bps) in the reporting quarter, reaching 3.08 %. Bank of India’s global business increased by 9.25 %, reaching Rs 12,46,879 crore in September 2023, compared to Rs 11,41,356 crore in September 2022.

The bank’s domestic deposits also saw significant growth, increasing by 8.61 % to Rs 5.99 lakh crore, while advances increased by 9.80 % to Rs 4.53 lakh crore in the quarter ending in September 2023.

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