Bank of India Q3 results: Net profit rises 62% to Rs 1,870 crore
The Mumbai-headquartered bank had posted a net profit of Rs 1,151 crore in the year-ago period
State Bank of India (BoI) on Friday posted a 62 per cent rise in net profit to Rs 1,870 crore in the December quarter due to decline in bad loans.
The Mumbai-headquartered bank had posted a net profit of Rs 1,151 crore in the year-ago period.
Lenders’ total revenue rose to Rs 16,411 crore during the third quarter of the current fiscal from Rs 14,160 crore a year ago, the BoI said in a filing with the regulator.
The bank’s interest income rose to Rs 15,218 crore from Rs 12,728 crore in the third quarter of the previous year.
The bank’s gross non-performing assets (NPAs) fell to 5.35 percent of gross loans at end-December 2023, compared to 7.66 percent a year ago.
Similarly, net NPAs, or bad loans, fell to 1.41 percent from 1.61 percent at the end of the third quarter.
The bank’s capital adequacy ratio improved to 16.06 percent from 15.60 percent at end-December 2022.
During the quarter ended December 31, 2023, the bank issued an additional 44,91,01,796 equity shares of face value of Rs 10 at an issue price of Rs 100.20 under Qualified Institutional Placement (QIP) on December 11, 2023 ) and raised an amount of Rs 4,500 crore, it said.
Accordingly, the Indian government’s shareholding in the bank has been reduced to 73.38 percent as on December 31, 2023.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: February 2, 2024 | 8:35 PM IST