Bank of India Reports Significant Profit Increase

In an impressive financial turnaround, Bank of India has announced a 34.6% increase in net profit for Q3FY25, reaching Rs. 2,517 crore, up from Rs. 1,870 crore in the same period last year. This remarkable growth is attributed to a significant surge in retail loans and an improvement in asset quality.

Financial Highlights and Performance Metrics

Sequentially, the net profit saw a 6% rise from Rs. 2,374 crore in Q2FY25. The bank's net interest income grew by 11% year-on-year to Rs. 6,070 crore, while non-interest income witnessed a 46% increase to Rs. 1,746 crore. Operating profit also saw a significant rise of 23.3% to Rs. 3,703 crore, despite an increase in operating expenses.

Advances and Asset Quality Improvement

Deposits and advances showed healthy growth, with deposits increasing by 12.3% year-on-year to Rs. 7.9 lakh crore and advances rising by 15.3% to Rs. 6.5 lakh crore. The retail, agriculture, and MSME segments grew by 19%, making up 57.1% of total advances. Asset quality improved, with gross NPAs declining by 20.5% and the gross NPA ratio falling to 3.7%.

Capital Adequacy and Return on Equity

The bank's capital adequacy ratio stood strong at 16%, with the CET-1 ratio at 13%. Return on equity improved to 16.5%, reflecting the bank's strong financial health and efficient capital management.