New Delhi, State-owned Bank of India (BoI) on Friday reported 7 per cent rise in March quarter net profit at Rs 1,439 crore.
In the same quarter a year ago, the bank had earned a net profit of Rs 1,350 crore.
Total income during the quarter under review increased to Rs 17,913 crore from Rs 16,549 crore in the same period last year, BOI said in a regulatory filing.
Net interest income (NII) increased to Rs 5,937 crore during the period under review from Rs 5,523 crore in the same quarter a year ago.
On the asset quality side, the bank's gross non-performing assets (NPAs) declined from 7.31 per cent at the end of March 2023 to 4.98 per cent of gross advances as of March 31, 2024.
Net NPAs also declined from 1.66 per cent to 1.22 per cent of advances by the end of 2023.
However, the provision for bad loans increased to Rs 2,043 crore, compared to Rs 54 crore during the same quarter a year ago.
The bank's provision coverage ratio stood at 90.59 percent at the end of March.
For the financial year ending March 2024, the bank's net profit rose 57 per cent to Rs 6,318 crore, compared to Rs 4,023 crore a year ago.
The total income of the bank increased to Rs 66,804 crore in FY2024 from Rs 54,748 crore in FY23.
The board has recommended a dividend of Rs 2.80 or 28 per cent on each fully paid share of face value Rs 10 for 2023-24, subject to approval in the upcoming annual general meeting.
Capital Adequacy Ratio (CRAR) increased from 16.28 per cent to 16.96 per cent as on March 31, 2023.
The bank's net interest margin (NIM) at the end of March 2024 was 3.30 percent.
In the same quarter a year ago, the bank had earned a net profit of Rs 1,350 crore.
Total income during the quarter under review increased to Rs 17,913 crore from Rs 16,549 crore in the same period last year, BOI said in a regulatory filing.
Net interest income (NII) increased to Rs 5,937 crore during the period under review from Rs 5,523 crore in the same quarter a year ago.
On the asset quality side, the bank's gross non-performing assets (NPAs) declined from 7.31 per cent at the end of March 2023 to 4.98 per cent of gross advances as of March 31, 2024.
Net NPAs also declined from 1.66 per cent to 1.22 per cent of advances by the end of 2023.
However, the provision for bad loans increased to Rs 2,043 crore, compared to Rs 54 crore during the same quarter a year ago.
The bank's provision coverage ratio stood at 90.59 percent at the end of March.
For the financial year ending March 2024, the bank's net profit rose 57 per cent to Rs 6,318 crore, compared to Rs 4,023 crore a year ago.
The total income of the bank increased to Rs 66,804 crore in FY2024 from Rs 54,748 crore in FY23.
The board has recommended a dividend of Rs 2.80 or 28 per cent on each fully paid share of face value Rs 10 for 2023-24, subject to approval in the upcoming annual general meeting.
Capital Adequacy Ratio (CRAR) increased from 16.28 per cent to 16.96 per cent as on March 31, 2023.
The bank's net interest margin (NIM) at the end of March 2024 was 3.30 percent.
