Bank of India Q4 results: Net profit rises 7% to Rs 1,439 cr

Bank of India

Bank of India on May 10 reported a 7 percent rise in its net profit to Rs 1,439 crore in the fourth quarter of the financial year 2023-24.

In the reporting quarter, gross non-performing asset (NPA) ratio stood at 4.98 percent, as against 5.35 percent in a quarter ago period, and 7.31 percent in a year ago period.

Similarly, net NPA ratio of the lender stood at 1.22 percent as on March 31, as against 1.41 percent as on December 31, 2023, and 1.66 percent as on March 31, 2023.

The bank's board approved Capital raising upto Rs 5,000 crore by issue of Basel III compliant Additional Tier 1 and Tier 2 bonds of Rs 2,500 crore each.

Net Interest Income (NII) increased by 7 percent on-year and stood at Rs 5,937 crore for Q4FY24 against Rs 5,523 crore for Q4FY23, release said.

NIM (Global) stood at 2.92 percent in Q4FY24 against 3.15 percent in Q4FY23 and 2.85 percent in Q3FY24. NIM (Domestic) stood at 3.30 percent in Q4FY24 against 3.59 percent in Q4FY23 and 3.21 percent in Q3FY24.

Global Deposits increased by 10.21 percent on-year from Rs 6,69,586 crore in March 2023 to Rs 7,37,920 crore in March 2024.

Global Advances increased by 13.52 percent on-year from Rs 5,15,852 crore in March 2023 to Rs 5,85,595 crore in March 2024.