Business
Bank of India reports 1,458cr Q2 net profit, an increase of 52% – Times of India
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MUMBAI: Bank of India (BoI) has reported a net profit of Rs 1,458 crore an increase of 52% over Rs 960 crore in the corresponding quarter last year.
The profit rose due to a 13% rise in net interest income to Rs 5,740 crore from Rs 5,083 crore in the corresponding quarter last year. Announcing the results, BoI MD & CEO Rajneesh Karnatak said the bank would retain its net interest margin, currently at 3.08% above the 3% level for the whole of the year.
The bank’s gross advances rose 10% to Rs 5,43,128 crore from Rs 4,93,814 crore last year, while deposits grew 8% to Rs 7,03,751 crore from Rs 6,47,541 crore a year earlier.
The bank’s retail loan book grew 14.65% to cross Rs 1 lakh crore for the first time. Nearly 54% of the portfolio comprised home loans that grew 11.6% yearly. The highest growth of 33% was recorded by other personal loans, albeit on a small base. Personal loans stood at Rs 7,818 crore at the quater end.
The profit rose due to a 13% rise in net interest income to Rs 5,740 crore from Rs 5,083 crore in the corresponding quarter last year. Announcing the results, BoI MD & CEO Rajneesh Karnatak said the bank would retain its net interest margin, currently at 3.08% above the 3% level for the whole of the year.
The bank’s gross advances rose 10% to Rs 5,43,128 crore from Rs 4,93,814 crore last year, while deposits grew 8% to Rs 7,03,751 crore from Rs 6,47,541 crore a year earlier.
The bank’s retail loan book grew 14.65% to cross Rs 1 lakh crore for the first time. Nearly 54% of the portfolio comprised home loans that grew 11.6% yearly. The highest growth of 33% was recorded by other personal loans, albeit on a small base. Personal loans stood at Rs 7,818 crore at the quater end.
