Bank of India posts Rs 250 crore profit in Q4

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tate-owned Bank of India has on Friday reported Rs 250 crore profit for the March quarter compared to a loss of Rs 3571 crore in the year ago period, thanks to lower provisions against bad loans.

The bank’s net interest margin, a key profitability parameter, has fallen to 2.01% for the quarter as against 2.90%.

Operating profit dipped 21% at Rs 2094 crore from Rs 2653

from Rs 2653 crore while interest income fell 9% at Rs 9327 crore over the year-ago period’s Rs 10,528 crore, the bank said in a regulatory filing.

BUSINESS HIGHLIGHTS:

·         Global Business increased from Rs.9,72,026 crore in Mar 2020 to Rs. 10,37,549 crore in Mar 2021 with YoY growth of 6.74%.

·         Global Deposits went up from Rs.5,55,505 crore in Mar 2020 to Rs. 6,27,113 crore in Mar 2021, i.e. by 12.89% YoY. Global Advances stood at Rs. 4,10,436 crore in Mar 2021 against Rs.4,16,521 crore in March 2020.

·         Domestic CASA deposits recorded a growth of 13.61% YoY. The share of CASA deposits improved from 40.61% in Dec 2020 to 41.27% in Mar 2021. 

·         Priority Sector advances increased by 9.94% YoY and it constituted 41.25% of ANBC in Mar 2021, above the regulatory requirement.

·         MSME advances went up by 12.74% and Retail advances by 11.87% YoY.

ASSET QUALITY:

·         Gross NPAs declined YoY, from Rs.61,550 crore in Mar 2020 to Rs.56,535 crore in Mar 2021.

·         Net NPAs also came down from Rs.14,320 crore in Mar 2020 to Rs.12,262 crore in Mar 2021.

·         Gross NPA ratio improved from 14.78% in Mar 2020 to 13.77% in Mar 2021.

·         Net NPA ratio improved from 3.88% in Mar 2020 to 3.35% in Mar 2021.

·         Slippage ratio came down from 4.61% in Mar 2020 to 2.40% in Mar 2021.

·         Provision Coverage Ratio (PCR), which was 83.74% in Mar 2020 moved up to 86.24in Mar 2021.

PROFIT: Q4FY21

·         The Bank posted a Net Profit of Rs. 250 crore in Q4FY21.

·         Operating Profit stood at Rs.2,094 crore in Q4FY21 against Rs. 2,653 crore in Q4FY20.

·         Non-Interest Income rose by 21.65% YoY to Rs.2,053 crore against Rs. 1,688 crore in Q4FY20.

·         Net Interest Income of the Bank stood at Rs. 2,936 crore in Q4FY21 against Rs. 3,7

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