Five-fold spike in BoI's Q3 net at Rs 541 cr as NPA provisions dip

The lender's net interest income and margin shrink year-on-year, non-interest income also declines

Public sector lender Bank of India’s (BOI) net profit rose by 412 per cent to Rs 541 crore in third quarter ended December 2020 (Q3FY21) on sharp dip in provisions for bad loans.

It had posted a net profit of Rs 106 crore in third quarter ended December 2019 (Q3FY20).  

BOI stock was trading 2.62 per cent at Rs 60.75 per share on BSE.

Its net interest income (NII) for reporting quarter, fell by 9.19 per cent to Rs 3,740 crore in Q3FY21 from Rs 4,118 crore in Q3FY20. The net interest margin (NIM) for domestic operations also contracted sharply