Bank of India has announced a robust performance in its fourth-quarter results for the financial year 2023-24, with a notable 7 per cent increase in net profit to Rs 1,439 crore.
The bank’s financial health demonstrated positive trends in asset quality, with a reduction in gross Non-Performing Asset (NPA) ratio to 4.98 per cent in the reporting quarter, down from 5.35 per cent in the previous quarter and significantly lower than the 7.31 per cent recorded a year ago.
Similarly, the net NPA ratio witnessed improvement, standing at 1.22 per cent as of March 31, compared to 1.41 per cent in the previous quarter and 1.66 per cent in the corresponding period last year.
Bank of India‘s board has given the approval light for capital raising up to Rs 5,000 crore through the issuance of Basel III compliant Additional Tier 1 and Tier 2 bonds, with each tranche amounting to Rs 2,500 crore.
The bank’s Net Interest Income (NII) saw a commendable growth of 7 per cent year-on-year YoY, reaching Rs 5,937 crore for Q4FY24, compared to Rs 5,523 crore in Q4FY23.
Despite a slight decline in Net Interest Margin (NIM) globally and domestically, Bank of India‘s financial indicators remain robust. NIM (Global) stood at 2.92 per cent in Q4FY24, while NIM (Domestic) was 3.30 per cent for the same period.
Moreover, the bank witnessed significant growth in its global deposits and advances. Global Deposits surged by 10.21 percent YoY, reaching Rs 7,37,920 crore in March 2024, while Global Advances recorded a notable uptick of 13.52 percent over the same period, amounting to Rs 5,85,595 crore.
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Bank of India’s performance in Q4 reflects its resilience amid challenging economic conditions, positioning it for sustained growth and stability in the future.
