Bank of India on May 6 reported 123 percent jump in standalone net profit for the quarter ended March at Rs 1,350 crore from Rs 606 crore in the same quarter last year.
Net Interest Income (NII) for the quarter increased by 37.77 percent from Rs 3,987 crore in the year ago quarter to Rs 5,493 crore, Bank of India said in a release.
The global net interest margin (NIM) improved from 2.56 percent in Mar'22 to 3.15 percent in Mar '23. NIM (Domestic) also went up from 2.90 percent in Mar'22 to 3.59 percent in Mar'23, the state-run lender added.
Return on Assets (RoA) improved from 0.30 percent to 0.63 percent while Return on Equity (RoE) improved from 6.64 percent in Q4FY22 to 13.52 percent.
Asset quality was mixed. While gross NPA ratio stood at 7.31 percent, down from 7.66 percent in the December quarter, net NPA ratio rose to 1.66 percent from 1.61 percent sequentially. Provision Coverage Ratio (PCR) was at 89.68 percent.
Slippage ratio came in at 0.64 percent and credit cost at 0.45 percent.
Global deposits of the bank increased by 6.64 percent YoY and stood at Rs 6,69,586 crore. Global advances increased by 12.87 percent YoY and stood at Rs 5,15,852 crore.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
