Bank of India Q4 Results: PAT up 18% to Rs.1,350 Cr, NII jump 37%, 20% dividend declared
Public sector lender Bank of India (BOI) has declared impressive Q4 results along with a dividend of 20%. The bank’s net profit grew by 123% YoY, from Rs. 606 Cr in Q4FY22 to Rs. 1,350 Cr for Q4FY23, while its operating profit climbed by 69.67% YoY, from Rs. 2,466 Cr in Q4FY22 to Rs. 4,184 cr in Q4FY23. The bank reported that its Net Interest Income (NII) rose from Rs. 3,987 Cr. in Q4FY22 to Rs. 5,493 Cr. in Q4FY23, representing a growth of 37.77%. Bank of India reported that its non-interest income climbed from Rs. 1,587 Cr in Q4FY22 to Rs. 3,099 Cr for Q4FY23, a 95.27% rise. This was a sequential improvement of 116% from Rs. 1,432 Cr in Q3FY22.
BOI reported that its operating profit climbed by 34.09% from Rs.9,988 Cr for FY22 to Rs.13,393 Cr in FY23, while its net profit increased by 18.15% YOY, from Rs.3,405 Cr in FY22 to Rs.4,023 Cr. The bank’s Net Interest Income (NII) rose from Rs. 14,063 Cr in FY22 to Rs. 20,275 Cr in FY23, a 44.17% rise. Non-Interest Income was Rs. 7,100 Cr in FY23 compared to Rs. 7,879 Cr in FY22.
The bank reported that its Net NPA dropped by 18.25% YOY from Rs. 9,852 Cr in March 2022 to Rs. 8,054 Cr in March 2023, while its Gross NPA decreased by 17.36% YOY from Rs. 45,605 Cr. The bank said that its GNPA ratio and Net NPA ratio both decreased from 9.98% to 7.31% and 2.34% to 1.66%, respectively. BOI said its Provision Coverage Ratio (PCR) stood at 89.68% in March 2023 against 87.76% in March 2022.
According to the bank, NIM (Global) increased from 2.56% in Q4FY22 to 3.15% in Q4FY23 while NIM (Domestic) increased from 2.90% to 3.59%. Return on Equity (RoE) increased from 6.64% to 13.52%, and Return on Assets (RoA) increased from 0.30% to 0.63% in Q4FY22 and Q4FY23, respectively. From 1.10% in Q4FY22 to 0.45% in Q4FY23, the Credit Cost plummeted.
According to the bank, domestic deposits rose by 2.95% YoY from Rs. 5,50,833 Cr in March 2022 to Rs. 5,67,063 Cr in March 2023, while domestic CASA climbed by 2.72% YoY from Rs. 2,45,464 Cr to Rs. 2,52,149 Cr, and the CASA percentage was 44.73%. According to BOI, domestic advances grew from Rs. 3,93,331 Cr to Rs. 4,31,637 Cr by 9.56% YOY. In March 2023, RAM advances accounted for 55.11% of all advances with an increase of 12.29% YOY to Rs. 2,37,884 Cr.
The bank said that in March 2023, retail credit expanded by 17.40% year onyear to Rs. 94,716 Cr and farm credit grew by 8.99% year on year to Rs. 72,391 Cr. According to the bank, MSME Credit increased by 9.31% YoY to Rs. 70,777 Cr.
The Board of Directors have “recommended a dividend of Rs. 2.00 (i.e. 20%) per equity share (Face Value Rs.10/- each fully paid up) for the FY2022-23 subject to approval of shareholders at the ensuing 27th Annual General Meeting of the Bank,” said Bank of India in a statement.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.