Bank of India announced a 115% rise in its profit after tax for the March quarter to INR 1,388.19 crore ($186m), mainly due to an increase in other income. The state-owned bank also witnessed an increase in its net interest income and non-interest income. In FY24, the bank plans to raise INR 4,500 crore in equity capital and is targeting an 11-12% advance growth for the year. It aims to decrease its gross non-performing assets ratio to 6-6.25% by the end of the financial year. The bank is also looking to decrease the government’s stake in the bank to 75%.