Public Sector Lender Bank of India Reports Impressive Q4 Performance

Bank-of-India

Bank of India, a public sector lender, has reported a net profit of Rs 1,350.4 crore for the quarter ended March 2023, up from Rs 606.3 crore in the year-ago period. The operating profit has also increased by 69.67 percent to Rs 4,184 crore from Rs 2,466 crore on a year-on-year basis. The bank’s total income stood at Rs 16,254.9 crore for the quarter under review, compared to Rs 13,976.5 crore in the same period last year.

Its asset quality has improved as the gross non-performing assets (GNPAs) declined to 11.16 percent from 14.78 percent and net NPAs to 2.63 percent from 5.25 percent on an annual basis. Bank of India’s capital adequacy ratio (CAR), a measure of the bank’s ability to absorb losses, has also improved to 14.68 percent from 12.15 percent a year earlier.