BoI Q4 net down 21.7%

BoI's stock closed lower by 3.4% at Rs 263.5 per share on the BSE

Public sector lender Bank Of India (BoI)’s net profit for the fourth quarter ended March fell by 26.3 per cent to Rs 558 crore on dip in the non-interest income. BoI had reported net profit of Rs 757 crore for in the corresponding quarter last financial year.

Its net interest income for the reporting quarter rose to Rs 3,047 crore from Rs 2,476 crore for Q4 of 2012-13. The other income comprising fees and commissions declined to Rs 914 crore in Q4 of FY14 from Rs 1,094 crore in the same quarter of 2012-13.

The net profit for the financial year ended March 2014 was flat at Rs 2,729 crore, as against Rs 2,749 crore for year ended March 2013.

BoI’s stock closed lower by 3.4 per cent at Rs 263.5 per share on the BSE.

Vaibhav Agrawal, vice-president, Research (Banking), Angel Broking, said operating numbers came below the estimates of his firm and the Street.

Deposits rose by 24.91 per cent to Rs 4,76,974 crore. The share of low-cost deposits was 29.97 per cent. Its advances were up 28.42 per cent at Rs 3,76,228 crore.

BOI’ ratio of gross non-performing assets stood at 3.15 per cent at end of March 2014, compared with 2.99 per cent as on March 31, 2013. Its ratio net NPAs stood at two per cent as in March 2014, compared with 2.06 per cent as on March 31, 2013.

Provisions and contingencies rose 2.43 per cent to Rs 1,547.27 crore in Q4 March 2014 over Q4 March 2013. The provisioning coverage ratio as on March 31, 2014 stood at 58.68 per cent.

The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 9.97 per cent as on March 31, 2014.