Bank of India Q3 net profit falls 20% to Rs102 crore

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Mumbai: Bank of India on Thursday reported a 19.80% decline in its net profit for the December quarter compared to the previous quarter. The bank had reported a net loss of Rs1,505.58 crore in the December quarter last year.

Net profit for the third quarter decreased to Rs101.72 crore compared with Rs126.84 crore a quarter ago. According to estimates of 14 Bloomberg analysts, the bank was expected to post a net loss of Rs11.19 crore.

Net interest income (NII), or the core income a bank earns by giving loans, rose 5.70% to Rs2,862.61 crore in the December quarter from Rs2,708.04 crore last year.

Other income increased 68.93% to Rs1,769.25 crore in the third quarter from Rs1,047.27 crore in the same period last year.

Gross non-performing assets (NPAs) at Bank of India declined 0.92% to Rs51,781.06 crore at the end of the December quarter from Rs52,261.95 crore in the September quarter.

As a percentage of total loans, gross NPAs were 13.38% at the end of the December quarter compared with 13.45% in the previous quarter and 9.18% a year ago.

Provisions and contingencies increased marginally to Rs2,302.57 crore in the third quarter from Rs2,296.22 crore a quarter ago.

Net NPAs rose to 7.09% in the December quarter compared with 7.56% in the previous quarter and 5.25% in the same quarter last year.

At 1.15pm, Bank of India was trading at Rs137.20 on the BSE, up 3.4% from its previous close, while India’s benchmark Sensex index fell 0.04% to 28,279.66 points