Mumbai, June 4

Bank of India (BoI) reported a standalone net profit of ₹250 crore in the fourth quarter ended March 31, 2021 against a net loss of ₹3,571 crore in the year ago quarter. The profit came on the back of a rise in other income and lower non-performing asset (NPA) provisions.

Net interest income (difference between interest earned and interest expended) was down 23 per cent y-o-y at ₹2,936 crore (₹3,793 crore). Other income, including income from non-fund based activities such as commission, exchange, brokerage, fees, forex income, profit/ loss on sale of investments, and recovery from written off accounts, rose 22 per cent to ₹2,053 crore (₹1,688 crore).

Loan loss provisions were 58 per cent lower y-o-y at ₹3,089 crore (₹7,316 crore).

Decline in NPAs

Gross NPAs declined to 13.77 per cent of gross advances as at March-end 2021 against 14.78 per cent as at March-end 2020. Net NPAs declined to 3.35 per cent of net advances as at March-end 2021 against 3.88 per cent as at March-end 2020.

Global net interest margin declined to 2.01 per cent as at March-end 2021 against 2.90 per cent as at March-end 2020.

Global deposits increased by 13 per cent y-o-y to ₹6,27,113 crore. Global advances nudged up 1.46 per cent y-o-y to ₹4,10,436 crore, mainly on the back growth in domestic retail, agriculture and MSME advances, and Government & Government-guaranteed advances.

During the quarter the total reduction in NPAs was higher at ₹5,830 crore (₹2,944 crore). About 81 per cent of this reduction was on account of write-offs.

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