Bank of India Mumbai: Bank of India(BOI) on Tuesday reported a nearly two fold jump in net profit for the quarter ended March 31 at Rs 606 crore on the back of higher net interest income and better asset quality.
The bank had reported a net profit of Rs 250 crore in the corresponding quarter last fiscal.
Its net interest income for the period under review increased by 35.77 per cent from Rs 2,936 crore in Q4 FY21 to Rs 3,986 crore during the January-March 2022 quarter.
For the whole year, the bank's net profit jumped by 57.60 per cent to Rs 3,405 crore as compared to Rs 2,160 crore in FY21.
Similarly, its NII stood at Rs 14,062 crore for FY22 as against Rs 14,269 crore reported in FY21.
The bank's gross NPA declined by 19.33 per cent year-on-year from Rs 56,535 crore in March 2021 to Rs 45,605 crore in FY2022, while the net NPA declined by 19.66 per cent from Rs 12,262 crore to Rs 9,852 crore as on March 31, 2022.
Its slippage ratio also dropped from 2.41 per cent in FY21 to 2.15 per cent in FY22.
The bank's CASA ratio increased to 45.02 per cent as on March 31, 2022 from 41.27 per cent in FY2021.
For FY2023, the bank has given a guidance of credit growth to be around 10-12 per cent and bring down the gross NPA to below 8 per cent. The bank is also expecting the net interest margin to be around 3 per cent.
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