Bank Of India Reports Net Profit Of Rs 250 Crore In March Quarter

Bank of India introduced its January-March quarter outcomes for the monetary yr 2021-22 on Friday, June 4, reporting a web revenue of Rs 250 crore on a standalone foundation, pushed by rise in ‘different earnings’ and amid decrease non-performing asset (NPA) provisions. According to a regulatory submitting by the government-owned financial institution to the inventory exchanges, Bank of India reported a web lack of Rs 3,571 crore within the corresponding quarter of the earlier fiscal. 

According to the assertion, the financial institution’s web curiosity income- the distinction between the curiosity earned and curiosity expended, was down at Rs 2,936 crore within the March quarter of fiscal 2021, in comparison with Rs 3,793 crore in the identical quarter of the earlier monetary yr.

Bank of India’s complete earnings within the March quarter stood at Rs 11,380 crore, in comparison with Rs 12,216 crore within the year-ago interval. In your entire fiscal yr 202-21, the financial institution’s web revenue on a standalone foundation stood at Rs 2,160 crore, in comparison with a web lack of Rs 2,957 crore in the identical quarter of the earlier fiscal. 

On Friday, June 4, shares of the Bank of India settled 2.62 per cent to Rs 82.30 apiece on the BSE. Bank of India opened at Rs 80.20 on the BSE, registering an intra day excessive of Rs 84.80 and an intra day low of Rs 80.20, all through the buying and selling session. 

The financial institution’s asset high quality improved marginally with gross NPAs at 13.77 per cent of the gross advances by March-end, in comparison with 14.78 per cent within the year-ago interval.