Bank of India has announced that it has registered a net profit of around Rs.251.79 crore in the fourth quarter of the current financial year due to the decline of bad loans. The state–run bank had, in comparison, registered a net loss of around Rs.3,969 crore in the corresponding period of FY18.
The lender’s total income, during the period under review, increased to a sum of Rs.12,417.08 crore, in comparison to a total income of Rs.9,596.86 crore in the corresponding period of the previous financial year.
The lender’s asset quality has also improved with the gross NPAs reducing to 15.84% of the gross advances as on 31 March 2019, as against gross NPAs of 16.58% during the fourth quarter of FY17-18.
For the whole of the last financial year, i.e. 1 April 2018 to 31 March 2019, the lender registered a net loss of around Rs.5,546.90 crore. Bank of India had, in comparison, posted a net loss of Rs.6,043.71 crore in FY17-18. The lender’s income during the financial year touched Rs.45,899.82 crore, which was up from a sum of Rs.43,805.17 crore in the year-ago period.
The Government of India had also infused a sum of Rs.14,724 crore into Bank of India in two tranches. The government first infused a capital of Rs.10,086 crore in December 2018, which was followed by another capital infusion of Rs.4,638 crore in February 2019.
Furthermore, Bank of India raised about Rs.660.80 crore under the Bank of India-Employee Stock Purchase Scheme (ESPS).
Source: The Times of India, The Economic Times