Bank of India’s (BoI) fourth quarter net profit soared 123 per cent year-on-year (y-o-y) to ₹1,350 crore against ₹606 crore in the year-ago quarter. The bottomline in the reporting quarter was buoyed by robust growth in net interest income and non-interest income.
The public sector bank’s board recommended a dividend of ₹2 per equity share of face value of ₹10.
Net interest income (difference between interest earned and interest expended) rose 38 per cent y-o-y to ₹5,493 crore (₹3,987 crore in the year-ago quarter).
NII up 95 pc
Non-interest income (comprising fee-based income, treasury income, and other non-interest income) was up 95 per cent y-o-y at ₹3,099 crore (₹1,587 crore). Within this, profit from sale and revaluation of investments shot up to ₹1,717 crore against a loss of ₹111 crore in the year-ago quarter.
Provision towards “depreciation in non-performing investment” and “standard assets and others” jumped to ₹1,130 crore (₹323 crore) and ₹374 crore (₹83 crore), respectively. However, provision towards “bad and doubtful assets” declined to ₹546 crore (₹1,135 crore).
Gross advances were up 13 per cent y-o-y and stood at ₹5,15,852 crore as at March-end 2023. Total deposits increased by 7 per cent and stood at ₹6,69,586 crore.
GNPAs declined to 7.31 per cent of gross advances as at March-end 2023 against 9.98 per cent as at December-end 2022. Net NPAs declined to 1.66 per cent of net advances against 2.34 per cent.