Bank of India net profit up over five-fold to Rs 541 crore
Bank of India (BoI) on Wednesday reported a net profit of Rs 541 crore for the quarter ended December, an over five-fold jump from a year ago, due to lower provisions.
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By Express News Service
NEW DELHI: Bank of India (BoI) on Wednesday reported a net profit of Rs 541 crore for the quarter ended December, an over five-fold jump from a year ago, due to lower provisions. The Mumbai-headquartered public sector bank posed a net profit of Rs 106 crore a year ago.
Total provisioning, including towards bad and doubtful assets, standard assets, and depreciation on investments, fell 51 per cent to Rs 1,980 crore. Within the category, BoI stepped up provisions towards standard assets at Rs 1,066 crore from Rs 89 crore a year ago. Provisions for non-performing assets (NPAs), however, tumbled 83.5 per cent to Rs 623 crore for the period.