MUMBAI: Public sector lender Bank of India’s net profit doubled to Rs 1,350 crore during the quarter ended March this year (Q4FY22), compared to Rs 606 crore in the same quarter last year, reflecting a growth of 123%.
The company’s net interest income increased by 37.77% from Rs 3,987 crore in the year-ago quarter to Rs 5,493 crore. The net interest margin improved to 3.15% in the quarter from 2.56% in the same quarter the previous year. Non-interest income increased by 95.27% to Rs 3,099 crore during the quarter from Rs 1,587 crore in the same previous quarter.
The bank’s gross NPA ratio stood at 7.31%, down from 7.66% in the December quarter, net NPA ratio rose to 1.66% from 1.61% sequentially. Provision Coverage Ratio (PCR) was at 89.68%. The asset quality profile improved with gross non-performing assets (NPA) declining to 7.31% in March 2023 from 9.98% in the same month in 2022.
The company’s net NPAs declined 1.66% in March 2023 from 2.34% a year ago. The share of low-cost deposits, current accounts, and saving accounts (CASA), stood at 44.73 % at the end of March 2023, down from 45.02% a year ago, according to an analyst presentation.