Bank of India rose 2.87% to Rs 60.90 after the state-run lender reported 412.39% surge in net profit to Rs 541 crore in Q3 FY21 from Rs 106 crore in Q3 FY20.
Total income fell 7.70% year-on-year (YoY) to Rs 12,310.92 crore during the quarter. Net Interest Income (NII) declined by 9.19% to Rs 3,740 crore in the third quarter from Rs 4,118 crore in the same period last year. Net Interest Margin (NIM) was at 2.81% as on 31 December 2020 as against 3.45% as on 31 December 2019. The bank's operating profit fell 31.42% YoY to Rs 2,836 crore in the December 2020 quarter.
Total provisions declined by 50.68% to Rs 1,980 crore in Q3 December 2020 from Rs 4,015 crore in Q3 December 2019. Of this, provision for NPA tumbled 83.49% to Rs 623 crore in Q3 FY21 over Q3 FY20.
On the asset quality front, gross non-performing assets (NPAs) stood at Rs 54,997 crore as on 31 December 2020 as against Rs 56,232 crore as on 30 September 2020 and Rs 61,731 crore as on 31 December 2019.
The ratio of gross NPAs (GNPA) to gross advances stood at 13.25% as on 31 December 2020 as against 13.79% as on 30 September 2020 and 16.30% as on 31 December 2019. The ratio of net NPAs (NNPA) to net advances stood at 2.46% as on 31 December 2020 as against 2.89% as on 30 September 2020 and 5.97% as on 31 December 2019.
Provision Coverage Ratio (PCR) improved to 89.32% as on 31 December 2020 as against 87.91% as on 30 September 2020 and 77.15% as on 31 December 2019. Slippage ratio has come down to 0.14% in December 2020 from 2.13% in December 2019.
While the bank's domestic deposits increased by 18.24% YoY to Rs 5,36,171 crore, domestic advances rose by 9.10% to Rs 3,63,009 crore in Q3 FY21. Domestic CASA improved by 12.04% to Rs 2,14,826 crore in Q3 December 2020 from Rs 1,91,735 crore in Q3 December 2019. CRAR was at 12.51% in Q3 FY21 as against 12.80% in Q2 FY21 and 14.20% in Q3 FY20.
The Government of India held 89.10% stake in Bank of India as on 31 December 2020.
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