Bank of India Q3 Results: Net profit rises 34.6% to ₹2,516.7 crore, NII up 11% YoY; Asset quality improves | Stock Market News

Bank of India Q3 Results: Bank of India announced its October-December quarter results for fiscal 2024-25 (Q3FY25) on Friday, January 24, reporting a rise of 34.6 per cent in net profit to ₹2,516.7 crore, aided by decline in bad loans. compared to ₹1,869.5 crore in the corresponding period last year.

The public sector bank (PSB)’s net interest income (NII)—the difference between interest earned and paid—rose 11.1 per cent to ₹6,070.3 crore in the third quarter of the current fiscal, compared to ₹5,463.5 crore in the previous quarter. The PSB’s asset quality improved in the quarter.

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Bank of India Q3 Results: Key Metrics

The Mumbai-headquartered PSB’s total income increased to ₹19,957 crore in the December quarter, compared to ₹16,411 crore a year ago. The bank’s interest income rose to ₹18,210 crore, compared to ₹15,218 crore in the third quarter of the last fiscal year. The operating profit rose to ₹3,703 crore in the December quarter from ₹3,004 crore in the year-ago quarter.

On the asset quality front, the bank’s gross non-performing assets (NPAs) declined to 3.69 per cent of the gross loans by the end of December 2024 from 5.35 per cent a year ago. Similarly, its net NPAs, or bad loans, came down to 0.85 per cent from 1.41 per cent at the end of the third quarter.

The bank’s capital adequacy ratio remained flat at 16 per cent, compared to 16.06 per cent at the end of December 2023. The Provision Coverage Ratio (PCR) improved to 92.48 per cent in the third quarter, compared to 89.95 per cent a year ago. CASA deposits increased by 6.07 per cent year-on-year (YoY), and the CASA ratio at 41.05 per cent.

The non-interest income increased by 46 per cent YoY and stood at Rs.1,746 crore for Q3FY25 compared to Rs.1,193 crore in Q3FY24 and Rs.2,518 crore in Q2FY25. On Friday, shares of Bank of India settled 1.50 per cent lower at ₹98.30 apiece on the BSE. The PSB commands a market cap of ₹44,752.73 crore.