BoI posts Q4 profit of Rs 250 cr versus Rs 3,571 cr loss a year ago
Bank of India (BOI) reported a net profit of Rs 250 crore in the fourth quarter ended March 2021 (Q4FY21) on an increase in other income and a decline in provisions for bad loans. It had reported a loss of Rs 3,571 crore in the quarter ended March 2020 (Q4FY20).
For the full financial year FY21, it published a net profit of Rs 2,160 crore, as against a loss of Rs 2,957 crore in Fy20. Its stock was trading 2.5 per cent higher at Rs 82.2 per share on BSE.
In its filing with BSE, the Public sector lender said its net interest income (NII) in Q4FY21 declined to Rs 2,936 crore as compared to Rs 3,793 crore a year ago. The net interest margin (NIM) also moderated to 2.01 per cent in Q4FY21 from 2.16 per cent in Q4FY20.
The other income for Q4FY21 increased to Rs 2,053 crore from Rs 1,688 crore in the same quarter last year. The asset quality profile has progressed with steady provision cover and dips in non-performing assets on a year-on-year basis. The provisions and contingencies decreased sharply to Rs 1,831 crore in Q4FY21 from Rs 8,141 crore in Q4FY20.
The lender’s Provision Coverage Ratio (PCR) grew to 86.24 per cent at the end-March 2021 from 83.75 per cent at the end of March 2020.
Its Gross Non-Performing Assets fell to 13.77 per cent in March 2021 from 14.78 per cent in March 2020. The Net NPA ratio improved to 3.35 per cent against 3.88 per cent as of Mar 31, 2020.