Bank of India net profit rises 7% to Rs 1,439 cr in Q4

New Delhi: State-owned Bank of India (BoI) on Friday posted a 7 per cent rise in net profit at Rs 1,439 crore for the March quarter.

The bank had earned a net profit of Rs 1,350 crore in the same quarter a year ago.

The total income increased to Rs 17,913 crore during the quarter under review, as against Rs 16,549 crore in the same period last year, BoI said in a regulatory filing.

Net interest income (NII) grew to Rs 5,937 crore during the period under review, from Rs 5,523 crore in the corresponding quarter a year ago.

On the asset quality side, the bank's gross Non-Performing Assets (NPAs) moderated to 4.98 per cent of gross advances as of March 31, 2024, from 7.31 per cent at the end of March 2023.

Net NPAs also declined to 1.22 per cent of the advances, from 1.66 per cent at the end of 2023.

However, provision for bad loans increased to Rs 2,043 crore, as against Rs 546 crore earmarked during the same quarter a year ago.

The provision coverage ratio of the bank stood at 90.59 per cent at the end of March.

For the financial year ended March 2024, the bank's net profit increased 57 per cent to Rs 6,318 crore, as compared to Rs 4,023 crore a year earlier.

Total income of the bank increased to Rs 66,804 crore in FY24 as against Rs 54,748 crore in FY23.

The board has recommended a dividend of Rs 2.80, or 28 per cent, per equity share of face value Rs 10 each fully paid up for the 2023-24 subject to approval at the ensuing Annual General Meeting.

Capital adequacy ratio (CRAR) improved to 16.96 per cent, over 16.28 per cent on March 31, 2023.

Net interest margin (NIM) of the bank stood at 3.30 per cent at the end of March 2024.