Bank of India posted impressive growth in Net Profit, both annually and sequentially
Bank of India posted impressive growth in Net Profit, both annually and sequentially
Mumbai, 17 January 2023: Bank of India, a leading Public Sector Bank posted a rise by 20% sequentially in Net Profit at Rs. 1151 crore in the quarter ended December 31, 2022 (Q3FY23), driven by a steady rise in operating margins 8% sequentially.
Bank has demonstrated significant improvement in various important parameters during the third quarter. Operating Profit has jumped to Rs. 3,652 crore up by 74% YoY and by 8% sequentially. The Return on Assets (RoA) stood at 55 bps. The NIM% is reported at 3.28%, driven by the Domestic NIM% of 3.72%. The growth in profitability is mainly contributed by the growth in Advances, more particularly on the growth in RAM and corporate segments.
With better credi...