Bank of India can raise up to Rs 7,000 crore from bonds under tier II bonds to fund business growth. The bank recently raised Rs 320 crore from tier I bonds. The bank expects a credit growth of 22 per cent and deposit growth of 20-21 per cent in the current fiscal.
The state-owned lender had reported a net profit of Rs 584 crore in the same period a year ago. The bank's Net Interest Income improved by 34 per cent during the quarter to Rs 1,740 crore from Rs 1,301 crore in the year-ago period. It witnessed a sharp rise in loan defaults in the June quarter, with net non-performing assets (NPAs) escalating to 1.18 per cent from 0.84 per cent during the same period last year.
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