Bank of India reported a net profit of Rs 1,151 crore for Q3 2022, a 12% increase YoY and 20% increase quarter-over-quarter.
The bank’s operating profit also saw significant growth, reaching Rs 3,652 crore, a 74% increase YoY and 8% increase quarter-over-quarter. Additionally, net income rose 64% YoY and 10% quarter-over-quarter to Rs 5,596 crore.
Bank of India’s non-interest income for Q3FY23 was Rs 1,432 crore, a decrease from Rs 1,835 crore in Q3FY22, but an increase from Rs 1,417 crore in Q2FY23.
Bank of India reported a net interest margin (NIM) of 3.28%, which represents an increase of 101 basis points YoY and 24 basis points quarter-over-quarter. The bank’s CEO, AK Das, stated that while the NIM may moderate, the bank expects it to remain within the range of 3-3.25%. He added that any potential moderation in NIMs may occur after the re-pricing of liabilities, but this process has yet to be completed.
For More Latest News Click Here
