Bank of India Q2 results: Net profit up by 52% to ₹1,458 crore

Bank of India announced a standalone net profit for the second quarter of the fiscal year 2023–24 (Q2FY24) up by 52% to ₹1,458 crore, from the same period last year.

In the previous quarter ended in June 2023, the net profit was ₹1,551 crore, a 6 per cent decrease sequentially.

Net interest income (NII) for the public sector lender was ₹5,740 crore in Q2FY24, up 13 per cent from ₹5,083 crore in the same quarter of the previous fiscal year.

Non-interest income climbed from ₹1,417 crore in Q2FY23 to ₹1,688 crore, a 19 per cent YoY.

Read more: Bank of India Q1 Results: Net Profit jumps 176% to Rs 1551 cr

Operating profit for the bank in the second quarter was ₹3,756 crore, up 11 per cent from ₹3,374 crore in the same period last year.

The Gross Non-Performing Assets (NPAs) witnessed a significant decline of 8.28 per cent QoQ, reducing from Rs. 34,582 Crores to Rs. 31,719 Crores. Simultaneously, the Net NPAs decreased by 1.73 per cent, going from Rs. 8,119 Crores to Rs. 7,978 Crores.

The Gross NPA ratio improved by 83 basis points, decreasing from 6.67 per cent to 5.84 per cent. Similarly, the Net NPA ratio exhibited a positive trend, with an improvement of 11 basis points, declining from 1.65 per cent to 1.54 per cent. These changes signify a healthier financial position and a reduction in non-performing assets for the institution during the specified period.

From 6.67 per cent in the first quarter of the current fiscal year to 5.84 per cent in Q2FY24, the gross nonperforming assets ratio increased by 83 basis points. From 1.65 per cent in June 2023 to 1.54 per cent in the second quarter, the net NPA ratio improved by 11 basis points.

The bank’s total capital adequacy ratio (CRAR) as of September 30, 2023, was 15.63 per cent, a little bit higher than 15.60 per cent at the end of the previous quarter.