BoI profit jump
There was an improvement in the credit cost of the bank in the March quarter and they came down to 1.10 percent from 3.36 percent in the previous year. Cash recovery in March quarter stood at Rs 1,329 crore
Bank of India has released its quarterly results on Tuesday. Bank’s standalone quarter ended March 2022 with improvement in net interest income and asset quality profit ,Profit606 crore with an increase of 142.31 percent. In the corresponding quarter of last year, the profit of the bank was at the level of Rs 250 crore. For the last full financial year, the bank’s profit has increased by 57.60 percent to Rs 3,405 crore as compared to 2020-21. The bank’s profit in 2020-21 was Rs 2,160 crore. Net interest income of the bank during March (Net Interest Income), Net Interest Margin has seen an increase, while NPA (NPA) showed improvement.
How were the quarterly results
In the fourth quarter, the net interest income of the bank increased by 35.77 percent to Rs 3,986 crore. NII stood at Rs 2,936 crore in the same quarter last year. At the same time, the Net Interest Margin has improved from 2.58 percent to 2.01 percent. There was a decline in the NPAs of the bank during the quarter and gross NPAs declined by 19.33 percent to Rs 45,605 crore. The Gross NPA Ratio has come down from 13.77 percent to 9.98 percent. With this, the Net NPA Ratio has come down from 3.35 percent to 2.34 percent. AK Das, MD and CEO of the bank said that the asset quality has improved and it is expected that by the end of the current financial year, gross NPAs can come down to 8 percent. Das informed that the bank’s exposure in Future Group is around Rs 1045 crore and the bank has provisioned equal to 100 per cent of the account, while the bank’s exposure to SREI is Rs 963 crore and provisioning is being made equal to 50 per cent of it. It’s over.
How was the performance of the bank?
There was an improvement in the credit cost of the bank in the March quarter and they came down to 1.10 percent from 3.36 percent in the previous year. Cash recovery in the March quarter has been Rs 1,329 crore and cash recovery in the financial year has been Rs 6,707 crore. In the financial year 2023, the bank has estimated a recovery of Rs 12000 crore. Advances in the Retail, Agri and MSM sectors grew by 15.7 per cent to Rs 2,16,567 crore and constituted 54.97 per cent of the total advances.