Bank of India Q1 profit surges nearly three-fold to Rs 1,551cr

State-owned Bank of India (BOI) on Friday reported a nearly three-fold jump in net profit to Rs 1,551 crore in the June quarter due to a decline in bad loans. The Mumbai-based lender had posted a net profit of Rs 561 crore in the year-ago period. The total income in the first quarter of the current fiscal rose to Rs 15,821 crore as against Rs 11,124 crore in the same period a year ago, Bank of India said in a regulatory filing.