Bank of India Profits Soar Amidst Declining Bad Loans

State-owned Bank of India reported a 35% increase in net profit for the December quarter, reaching Rs 2,517 crore due to a decrease in bad loans. The bank's income rose significantly, with improvements in their net interest income and operational profit. Gross and net non-performing assets also showed a notable decline.

State-owned Bank of India (BoI) announced a significant financial performance for the December quarter, marking a 35% increase in net profit to Rs 2,517 crore, attributed to a substantial decline in bad loans.

Compared to the same period last year, when the Mumbai-headquartered bank secured a net profit of Rs 1,870 crore, this surge reflects robust financial health. The bank's total income escalated to Rs 19,957 crore, a rise from Rs 16,411 crore.

Furthermore, Bank of India reported an increase in its interest income to Rs 18,210 crore, along with improvements in net interest income and operating profit figures. Notably, gross non-performing assets dropped to 3.69% of total loans, while net NPAs decreased to 0.85% by the end of December 2024.

(With inputs from agencies.)