Bank of India (BoI) posted a 78.41 per cent growth in its net profit due to robust growth in interest income and fee-based income. The bank’s bottomline rose from Rs 315 crore last year to Rs 562 crore in the first quarter of the financial year 2008-09.
Total income rose 32.5 per cent to Rs 4,115 crore from Rs 3,108 crore in the corresponding quarter last year, while net interest income rose by 24.71 per cent to Rs 1,181 crore from Rs 947 crore a year ago. The non-interest income, including fees and commissions, rose to Rs 566 crore from Rs 381 crore in the previous year.
Deposits grew 30.14 per cent to Rs 1,59,234 crore on a y-o-y basis, while advances reached Rs 1,22,889 crore, up 38.84 per cent. The net non-performing assets (NPAs) dropped 0.52 per cent from 0.89 per cent, whereas gross NPAs were down to 1.64 per cent from 2.29 per cent. The net interest margin for the bank dipped by 10 basis points to 2.89 per cent from 2.96 per cent.