Bank of India Surges with 63% Profit Increase in Q2

Bank of India reported a significant 63% increase in net profit for Q2, reaching Rs 2,374 crore due to higher non-interest income. Total income grew to Rs 19,872 crore. A 29% decline in net non-performing assets was also reported, showcasing improved financial health.

Bank of India (BoI) has announced a remarkable 63% rise in its net profit for the second quarter, ending September 30, 2024. The bank's net profit climbed to Rs 2,374 crore, a substantial increase from Rs 1,458 crore recorded in the same quarter last year.

The public sector bank's total income during the July-September period surged to Rs 19,872 crore, compared with Rs 16,659 crore in the corresponding quarter of the previous year. Notably, BoI's net interest income saw a 4% year-on-year growth, reaching Rs 5,986 crore, further boosting its financial growth.

Additionally, the bank reported a 49% rise in non-interest income, amounting to Rs 2,518 crore. A positive decline of 29% was observed in net non-performing assets, marking an impressive reduction from Rs 7,978 crore in September 2023 to Rs 5,649 crore in September 2024. At the close of trading on the Bombay Stock Exchange, BoI shares increased by 0.63%, reaching Rs 112.25.

(With inputs from agencies.)