Bank of India’s Q4FY23 net profit soars 123% to ₹1,350 cr

Bank of India (BoI) net profit for the fourth quarter increased by 123 per cent year-on-year to ₹1,350 crore as against ₹606 crore in the year-ago quarter. The bottom line in the fiscal quarter was supported by strong growth in net interest income and non-interest income.

The board of directors of the public sector bank has recommended a dividend of $2 per share of $10 par value.

Net interest income (the difference between interest earned and interest disbursed) increased by 38 per cent year-on-year to Rs.5,493 crore (Rs.3,987 crore in the year-ago quarter).

NII up 95 pc

Non-interest income (which includes fee-based income, treasury income and other non-interest income) increased by 95 per cent year-on-year at Rs.3,099 crore (Rs.1,587 crore). Within this, profit on sale and revaluation of investments rose to ₹1,717 crore as against a loss of ₹111 crore in the last year quarter.

Provision for ‘depreciation on non-performing investment’ and ‘standard and other assets’ jumped to Rs.1,130 crore (Rs.323 crores) and Rs.374 crore (Rs.83 crores), respectively. However, the provision for ‘bad and doubtful assets’ fell to Rs.546 crore (Rs.1,135 crore).

Total advances increased by 13 per cent year-on-year and amounted to INR 5,15,852 crore at the end of March 2023. Total deposits increased by 7 per cent and amounted to Rs 6,69,586 crore.

GNPAs decreased to 7.31% of total advances at the end of March 2023 from 9.98% at the end of December 2022. Net NPAs decreased to 1.66% of net advances from 2.34%.