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Bank of India has narrowed its losses to ₹1,046 crore in the fourth quarter of 2016-17 from ₹3,587 crore for the same period in 2015-16.
Net interest income rose 9 per cent to ₹3,469 crore from ₹3,187 crore in the corresponding year-ago quarter.
Non-interest income in Q4 jumped 98 per cent to ₹1,754 crore (₹884 crore in Q4 FY16).
Non-interest income in FY17 rose 85 per cent to ₹6,772 crore (₹3,653 crore in FY16).
The overall global net interest margin (NIM) rose to 2.39 per cent in the reporting quarter from 2.06 per cent in Q4 FY16. The capital adequacy ratio improved to 12.14 per cent in FY17 from 12.11 per cent in FY16.
In the wake of the recent developments on non-performing asset (NPA) management, all eyes were on the asset quality of the bank which reported gross NPAs of ₹52,045 crore as on March 31, 2017, up 0.5 per cent from a year ago. Net NPAs, on the other hand, decreased 0.9 per cent to ₹25,305 crore.
The bank reported an improved provision-coverage ratio of 61.47 per cent, from 51.14 per cent in March 2016. The bank has also invoked the Sustainable Structuring of Stressed Assets in two accounts which have an aggregate outstanding of ₹272.8 crore.
At a press conference, Dinabandhu Mohapatra, who took over as Managing Director and Chief Executive Officer recently, said: “We have initiated many new arrangements through which we will be tracking NPA accounts which are old and not viable and will also aim to revive those which can have cash flow and can become performing assets.
“We also want to rebalance our credit portfolio, with corporate credit having 48 per cent share and retail having 52 per cent share.”
Deposits of the bank in FY17 increased 5.26 per cent year-on-year to ₹5.40 lakh crore while advances grew a marginal 2 per cent to ₹3.66 lakh crore.
The bank also reported a 113 per cent quarterly increase in operating profit which stood at ₹3,128 crore as against ₹1,464 crore in the corresponding quarter of FY16.
The Bank of India share closed at ₹158.45 apiece, down 11.23 per cent over its previous close on the BSE.
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