Bank of India Q4 results, net profit increases 7 percent

The Shares of Public sector lender Bank of India (BoI) fell nearly 12.3 percent at Rs 121.70 per share at the exchange.

Bank of India Q4 results, net profit increases 7 percent

The PSU bank has announced a 7 percent increase in net profit, reaching Rs 1,439 crore for the March quarter, compared to Rs 1,350 crore in the same quarter last year. Total income rose to Rs 17,913 crore from Rs 16,549 crore in the corresponding period. Net interest income (NII) grew to Rs 5,937 crore from Rs 5,523 crore a year ago.

However, the bank's slippages increased to Rs 2,308 crore in Q4FY24 as against Rs 1313 crore in Q3FY24. Meanwhile, the annualized credit cost is also at a 12-quarter high of 1.45 percent in the March quarter of FY24 versus 0.45 percent in the previous quarter of the same fiscal year. 

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In terms of asset quality, the bank's gross Non-Performing Assets (NPAs) reduced to 4.98 percent of gross advances as of March 31, 2024, down from 7.31 in March 2023. Net NPAs also decreased to 1.22 percent of advances, from 1.66 percent in 2023. 

However, provisions for bad loans increased to Rs 2,043 crore compared to Rs 546 crore in the same quarter last year. The provision coverage ratio stood at 90.59 percent by the end of March.

As of FY24, the bank's net profit surged by 57 percent to Rs 6,318 crore from Rs 4,023 crore in FY23. Total income for FY24 rose to Rs 66,804 crore compared to Rs 54,748 crore in FY23. Additionally, the Capital Adequacy Ratio (CRAR) improved to 16.96 percent compared to 16.28 percent as of March 31, 2023.

 

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The board has proposed a dividend of Rs 2.80 per equity share of face value Rs 10 each fully paid up for the year 2023-24, subject to approval at the upcoming Annual General Meeting.

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