Bank of India posts Rs 102-crore profit on treasury income
State-run Bank of India (BoI) on Thursday reported a net profit of Rs 102 crore in the third quarter ended December 31, helped by healthy treasury income and lower provisioning. The lender had reported a net loss of Rs 1,506 crore in the same period last year. In the second quarter of FY17, it reported a profit of Rs 127 crore.
"After four quarters of losses, the bank became profitable in second and third quarters of this financial year. This has been done by the implementation of our three- pronged strategy - NPA management, augmentation of CASA (current account savings account) and re-balancing of advances in favour of retail portfolio," Managing Director and CEO Melywn Rego told reporters here.
Going forward, growth in the bank's advances will be given significant priority, he added. The treasury operating income stood at Rs 3610 crore in the quarter. Total provisions reduced by 36 per cent to Rs 2,303 crore from Rs 3,604 crore. Net interest margin (NIM) on domestic operation improved to 2.65% from 2.23% . NIM on overseas operation also improved from 1.17 % to 2.21% .