BoI posts net profit of Rs 212 cr in Q2

Mumbai, Oct 27 (UNI) Bank of India (BoI) has posted a net profit of Rs 212 crore for the quarter ended September 30 as compared to Rs 132 crore for the same quarter last year, registering a year-on-year (Y-o-Y) growth of 61 per cent.

Total business increased to Rs 178,391 crore from Rs 146,470 crore during the same period last year, said bank CMD M Balachandran while addressing a media briefing here today. Similarly, operating profit improved to Rs 479 crore from Rs 330 crore, he added.

Declaring the financial results of his bank for the first half of the current fiscal, he said that net profit increased to Rs 421 crore from Rs 304 crore, registering the Y-o-Y growth of 36 per cent. Mr Balachandran said subsequent hike in PLR (primary lending rate) by his bank by 50 basis points in June and then by further 25 basis points in August, helped increase the revenue of his bank.

Talking about the NPA (Non-Performing Assets) level of the bank, he said that cost of deposits marginally increased to 4.53 per cent from 4.22 per cent during the same period last year.

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