Bank of India Reports 61% Profit Surge in Q2

Bank of India announced a 61% jump in its consolidated net profit to Rs 2,421 crore for the September quarter, driven by non-core income growth. Key elements included a rise in non-interest income by 49%, loans by 14.5%, and domestic deposits by 12.33%, while maintaining a capital adequacy of 16.63%.

On Monday, Bank of India reported an impressive 61% increase in its consolidated net profit for the September quarter, totaling Rs 2,421 crore. This gain was primarily driven by growth in non-core income and strategic management initiatives.

The state-run lender highlighted improvements in its standalone profit after tax, which rose to Rs 2,373 crore from Rs 1,458 crore the previous year. Additionally, total income climbed to Rs 19,872 crore from Rs 16,659 crore year-on-year, while advances surged by 14.5% in the quarter.

Managing Director Rajneesh Karnatak anticipates expanding the net interest margin to 2.90% by the fiscal year's end, despite facing challenges such as increased slippages and an elevated credit deposit ratio. To bolster growth, the bank plans to raise funds through bond issuance and expand its branch network.

(With inputs from agencies.)