Q4 Results: Bank Of India's Profit Up By 142%

Its net profit stood at INR 606 crore for the period under review compared with INR 250 crore in the year-ago period

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Bank of India on Tuesday reported an increase of 142.31 per cent in its net profit in the quarter ended 31st March 2022. Its net profit stood at INR 606 crore for the period under review compared with INR 250 crore in the year-ago period.

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The bank's gross non-performing assets (NPAs) fell to 9.98 per cent as on March 31, 2022. The operating profit went up by 31.85 per cent year-on-year (YoY) from INR 1,870 crore in Q4FY21 to INR 2,466 crore in Q4FY22.

For FY23, the bank estimates credit growth to be around 10 – 12 per cent in FY'23. Gross NPA is expected to be lower than 8 per cent and the credit cost is expected to be at 1 per cent.

The total standalone income during the quarter ended March 2022 rose to INR11,443.46 crore against INR 11,155. 53 crore a year ago.

"The impact of COVID-19, including changes in customer behavior and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian financial markets and a significant decrease in global and local economic activities. The extent to which any new wave of COVID-19 will impact the Bank's operations will depend on ongoing as well as future developments," the Bank said in a statement.