Public sector lender Bank of India (BOI) posted a net profit of Rs 250 crore in the fourth quarter ended March 2021 (Q4FY21) on a rise in other income and dip in provisions for bad loans.
It had posted a loss of Rs 3,571 crore in the quarter ended March 2020 (Q4FY20).
For the full financial year FY21, it posted a net profit of Rs 2,160 crore, as against loss of Rs 2,957 crore in Fy20.
Its stock was trading 2.5 per cent higher at Rs 82.2 per share on BSE.
In its filing with BSE, the bank said its net interest income (NII) in Q4FY21 declined to Rs 2,936 crore crore as against Rs 3,793 crore a year ago. The net interest margin (NIM) also moderated to 2.01 per cent in Q4FY21 from 2.16 per cent in Q4FY20.
The other income for Q4FY21 rose to Rs 2,053 crore from Rs 1,688 crore in the same quarter last year.
The asset quality profile has improved with steady provision cover and dip in non-performing assets on a year-on-year basis. The provisions and contingencies declined sharply to Rs 1,831 crore in Q4FY21 from Rs 8,141 crore in Q4FY20.
The lender's Provision Coverage Ratio (PCR) increased to 86.24 per cent at end March 2021 compared with 83.75 per cent at the end of March 2020.
Its Gross Non-Performing Assets fell to 13.77 per cent in March 2021 from 14.78 per cent in March 2020. The Net NPA ratio improved to 3.35 per cent as against 3.88 per cent as on Mar 31, 2020.