Bank Of India Q4 Results: Net Profit Surges 7% To Rs.1,439 Cr; NII Stood At Rs.5,937 Cr

The Bank of India (BOI) has announced the financial results for the quarter and year ended 31st March 2024 today. BOI's net profit for the quarter jumped by 7% YoY to Rs. 1,439 Cr in Q4FY24 from Rs. 1,350 Cr in Q4FY23. In Q4FY24, operating profit was Rs. 3,557 Cr, compared to Rs. 4,184 Cr in Q4FY23. The bank's Net Interest Income (NII) grew by 7% YoY to Rs. 5,937 Cr in Q4FY24 from Rs. 5,523 Cr in Q4FY23. In Q4FY24, non-interest income was Rs. 1,751 Cr, compared to Rs. 3,099 Cr in Q4FY23.

Bank of India's net profit climbed by 57% YoY to Rs. 6,318 Cr in FY'24 from Rs. 4,023 Cr in FY'23. Operating Profit climbed by 5.05 per cent YoY to Rs. 14,069 crore in FY'24 from Rs. 13,393 crore in FY'23. Net Interest Income (NII) reached Rs. 23,053 Cr in FY'24 compared to Rs. 20,275 Cr in FY'23, a YoY growth of 14%. Compared to Rs. 7,100 Cr in FY'23, Non-Interest Income was Rs. 6,095 Cr in FY'24.

The bank's global cost to income ratio was 51.73% in FY24 compared to 5.1.08% in FY23, while its slippage ratio was 1.58% in FY24 compared to 1.94% in FY23. The credit cost of Bank of India was 0.78% in FY24 as opposed to 0.79% in FY23. The yield on advances (global) increased from 7.37% in FY23 to 8.38% in FY24, a 101 bps improvement. In comparison to FY23, the bank's Cost of Deposits (Global) was 4.51% in FY24.

Bank of India said its domestic deposits surged by 11.05% YoY from Rs.5,67,063 Cr in Mar'23 to Rs.6,29,717 Cr in Mar'24 while its domestic CASA grew by 7.03% YoY from Rs.2,52,149 Cr in Mar'23 to Rs.2,69,872 Cr in Mar'24 and CASA ratio stood at 43.21% in FY24. Domestic advances made by the bank rose from Rs. 4,31,637 Cr in March 23 to Rs. 4,92,392 Cr in March 24, a 14.08% YoY growth. RAM Advances made up 55.74% of advances in March of 24 after rising 15.55% YoY to Rs. 2,74,477 Cr.

BOI said that although net NPA dropped by 15% YoY from Rs. 8,054 Cr as of Mar. 23 to Rs. 6,845 Cr as of Mar. 24, gross NPA fell by 23% YoY from Rs. 37,686 Cr to Rs. 29,183 Cr. The net NPA ratio of Bank of India climbed by 44 basis points from 1.66% as of March 23 to 1.22% on March 24, while the GNPA ratio rose by 233 basis points from 7.31% in FY23 to 4.98% in FY24. On March of 2024, the bank's Provision Coverage Ratio (PCR) was 90.59%.

The bank's total capital adequacy ratio (CRAR) was 16.96% as of March 31, 2024, up from 16.28% on March 23. Users of the bank's mobile banking climbed to 11.0 million on March 24 from 7.1 million on March 23, while users of its internet banking increased to 8.9 million on March 24 from 8.5 million on March 23. Bank of India said its number of UPI users increased to 18.8 million in Mar'24 from 15.6 million in Mar'23.

The bank had 5148 domestic branches as of March 31, 24. On Friday, the shares of Bank of India ended on the BSE at Rs 138.85 apiece.