State-owned Bank of India on Friday posted a 7% rise in net profit at Rs 1,439 crore for the March quarter. The bank had earned a net profit of Rs 1,350 crore in the same quarter a year ago.
The total income increased to Rs 17,913 crore during the quarter under review, as against Rs 16,549 crore in the same period last year, BoI said in a regulatory filing.
Net interest income grew to Rs 5,937 crore during the period under review, from Rs 5,523 crore in the corresponding quarter a year ago.
On the asset quality side, the bank's gross Non-Performing Assets moderated to 4.98% of gross advances as of March 31, 2024, from 7.31% at the end of March 2023.
Net NPAs also declined to 1.22% of the advances, from 1.66% at the end of 2023.
However, provision for bad loans increased to Rs 2,043 crore, as against Rs 546 crore earmarked during the same quarter a year ago.
The provision coverage ratio of the bank stood at 90.59% at the end of March.
For the financial year ended March 2024, the bank's net profit increased 57% to Rs 6,318 crore, as compared to Rs 4,023 crore a year earlier.
Total income of the bank increased to Rs 66,804 crore in FY24 as against Rs 54,748 crore in FY23.
The board has recommended a dividend of Rs 2.80, or 28%, per equity share of face value Rs 10 each fully paid up for the 2023-24 subject to approval at the ensuing Annual General Meeting.
Capital adequacy ratio improved to 16.96%, over 16.28% on March 31, 2023.
Net interest margin of the bank stood at 3.30% at the end of March 2024.
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