Bank of India posts 36.2% June quarter net profit ₹3,068cr
Business
Bank of India just dropped its June quarter results, and things are looking up: a 36.2% jump in net profit to ₹3,068 crore.
The main boost came from higher interest income, which grew by 12.6% compared to last year.
Bank of India cuts provisions ₹963.6cr
The bank kept things steady by lowering provisions to ₹963.6 crore, helping overall profits.
Operating profit climbed 26%, and non-interest income was also up by 19.1%.
On the quality side, fewer bad loans meant the Gross NPA ratio improved to 1.81%.
Total business grew nearly 17%, with retail, agriculture, and MSME lending making up a big chunk of that growth.
Shares nudged up slightly after the news but are still down for the year.