Bank of India Q3 PAT up 35% to ₹2,517 crore

Bank of India for the third quarter ended December 31, 2024 reported 35% growth in net profit to ₹2,517 crore compared with ₹1,870 crore in the year-ago period.

During the quarter, the bank’s Net Interest Income (NII) increased by 11% Year on Year (YoY) to ₹6,070 crore.

Net Interest Margin (NIM) was lower at 2.80% as against 2.85% in the same period last year.

Slippage ratio stood at 0.19% against 0.26% in the year ago period, the bank said in a filing.

During the quarter the bank’s Gross NPA declined by 20.47% YoY to ₹24,048 crore.

Net NPA declined by 29.07% YoY from ₹7,627 crore in the third quarter last year to ₹5,410 crore.

GNPA ratio improved by 166 bps from 5.35% YoY to 3.69%. Net NPA ratio improved by 56 bps YoY from 1.41% to 0.85%.

Provision Coverage Ratio (PCR) stood at 92.48% against 89.95% in the year ago period.

During the quarter the bank had made a provision for NPA of ₹602.5 crore as compared with ₹612 crore a year ago.

Domestic deposits increased by 13.27% YoY from ₹5,99,137 crore. Domestic advances increased by 15% YoY from ₹4,75,012 crore.

Retail Credit grew by 21.22% YoY to ₹1,27,825 crore. Agriculture Credit grew by 18.46% YoY to ₹95,173 crore. MSME Credit grew by 16.36% YoY to ₹89,134 crore, the bank said.