Bank of India swings back into the black, posts Rs 251 cr profit in Q4

The bank managed to sell only Rs 1,700 crore of assets to asset reconstruction companies in FY19, about one-tenth of what it planned

Bank of India (BoI) has identified assets worth Rs 30,000 crore for sale in the current financial year (FY20), even as the bank posted profit in the fourth quarter (Q4) of FY19. 

“Unless we sell assets, we will not get the benefit from this kind of non-performing assets (NPA)," said Dinabandhu Mohapatra, the bank's managing director and chief executive officer. BoI posted a profit of Rs 251.8 crore in the Q4, as against a loss of Rs 3,969.27 crore in the year-ago quarter. The bank, which came out of the prompt corrective action (PCA) on January 31 this year, had