Bank of India Sep qtr profit soars nearly 100% to Rs 1,051 crore

State-run Bank of India on Tuesday reported nearly 100 per cent jump in its net profit at Rs 1,051 crore in quarter ended September 2021.

The bank had posted net profit of Rs 526 crore in the same period a year ago.

"Net profit for Q2FY22 stood at Rs 1,051 crore, up by 99.89 per cent year-on-year," the bank said in a regulatory filing.

On a sequential basis, net profit improved by 45.97 per cent from Rs 720 crore.

Net interest income (NII) stood at Rs 3,523 crore for the quarter Q2FY22. On a sequential basis, it increased by 12.06 per cent from Rs 3,144 crore in quarter ended June 2021, the bank said.

Non-interest income increased by 58.71 per cent from a year ago to Rs 2,136 crore for Q2FY22 against Rs 1,346 crore in Q2FY21.

On the asset front, the bank improved the quality as the gross non-performing assets (NPAs) were down at 12 per cent of the gross advances at end of September 2021 from 13.79 per cent by end of same month a year ago.

Net NPAs too fell to 2.79 per cent from 2.89 per cent.

Bank of India stock traded at Rs 62.25 apiece on BSE, up 3.06 per cent from the previous close.