BANK OF INDIA NET UP FIVEFOLD IN Q3

State-owned Bank of India on Wednesday reported a more than five-fold jump in standalone net profit to Rs 540.72 crore for the quarter ended in December.

The bank had registered a net profit of Rs 105.52 crore in the year-ago period.

However, total income during the third quarter of financial year 2020-21 was down at Rs 12,310.92 crore as against Rs 13,338.09 crore in the same quarter of the previous year, Bank of India said in a regulatory filing.

On a consolidated basis, the bank posted a net profit of Rs 610.37 crore, up by more than four times as against Rs 138.20 crore in the year-ago period. Income was down at Rs 12,372.88 crore as against Rs 13,430.53 crore.

On the asset front, gross bad loans or non-performing assets (NPA) fell to 13.25% of gross advances at the end of December 2020 as against 16.30% in the yearago period.

In value terms, gross NPAs were Rs 54,997.03 crore, lower than Rs 61,730.54 crore.

Likewise, the net NPA was trimmed to2.46% (Rs 9,077.32 crore) from 5.97% (Rs 20,113.34 crore).

Shares of Bank of India traded at Rs 60.85 apiece on the BSE, up 2.79%.

Fair trade regulator CCI approved Bank of India's acquisition of 49 per cent stake each in BOI AXA Investment Managers and BOI AXA Trustee Services.