Bank of India announced its January-March quarter results for the financial year 2021-22 on Friday, June 4, reporting a net profit of Rs 250 crore on a standalone basis, driven by rise in ‘other income’ and amid lower non-performing asset (NPA) provisions. According to a regulatory filing by the government-owned bank to the stock exchanges, Bank of India reported a net loss of Rs 3,571 crore in the corresponding quarter of the previous fiscal.
According to the statement, the bank’s net interest income- the difference between the interest earned and interest expended, was down at Rs 2,936 crore in the March quarter of fiscal 2021, compared to Rs 3,793 crore in the same quarter of the previous financial year.
Bank of India’s total income in the March quarter stood at Rs 11,380 crore, compared to Rs 12,216 crore in the year-ago period. In the entire fiscal year 202-21, the bank’s net profit on a standalone basis stood at Rs 2,160 crore, compared to a net loss of Rs 2,957 crore in the same quarter of the previous fiscal.
On Friday, June 4, shares of the Bank of India settled 2.62 per cent to Rs 82.30 apiece on the BSE. Bank of India opened at Rs 80.20 on the BSE, registering an intra day high of Rs 84.80 and an intra day low of Rs 80.20, throughout the trading session.
The bank’s asset quality improved marginally with gross NPAs at 13.77 per cent of the gross advances by March-end, compared to 14.78 per cent in the year-ago period.