The public sector bank Bank of India(BoI) has marked a profit of Rs. 242.6 crore for the quarter ended March 31 after two quarters of continuous loss.
The considerable removal of bad load and an exit from the Reserve Bank of India's prompt corrective action framework aided the bank's earnings. "The bank's asset qualit, capital and loan growth are in much better position now, we can start giving returns to stakeholders," said Dinabandhu Mohapatra, MD, Bank of India.
The net profit of the bank during Q1 up by 154 percent at Rs 242.6 crore against Rs 95.1 crore, according to the result published on Tuesday. The net interest income (NII) of the Bank of India has also moved up 3.9% at Rs 3,485.4 crore versus Rs 3,354.3 crore, YoY. Gross NPA at 16.50% and net NPA at 5.79%, QoQ.