Bank of India’s (BoI) fourth-quarter net profit soared 123 percent year-on-year (yoy) to ₹1,350 crore from ₹606 crore in the year-ago quarter. The bottom line in the reporting quarter was driven by strong growth in net interest income and non-interest income.
The board of the public sector bank recommended a dividend of ₹2 per capital share of par value of ₹10.
Net interest income (difference between interest earned and interest spent) increased 38% year-on-year to Rs 5,493 crore (Rs 3,987 crore in the same quarter of the previous year).
NII up to 95 pc
Non-interest income (which includes fee-based income, treasury income and other non-interest income) increased 95% year-on-year to ₹3,099 crore (₹1,587 crore). Within this, the proceeds from the sale and revaluation of investments skyrocketed to ₹1717 crore against a loss of ₹111 crore in the prior year quarter.
The provision for “depreciation on non-performing investments” and “standard and other assets” jumped to ₹1,130 crore (₹323 crore) and ₹374 crore (₹83 crore), respectively. However, the provision for “bad and doubtful assets” was lowered to ₹546 crore (₹1,135 crore).
Gross advances increased 13% yoy to Rs 5,15,852 crore as of end-March 2023. Total deposits increased 7% to Rs 6,69,586 crore.
GNPAs were reduced to 7.31% of gross advances at the end of March 2023 from 9.98% at the end of December 2022. Net NPAs were reduced to 1.66% of net advances from 2, 3. 4 %.